Tuesday, May 03, 2016

CoreLogic: House Prices up 6.7% Year-over-year in March

by Bill McBride on 5/03/2016 09:35:00 AM

Notes: This CoreLogic House Price Index report is for March. The recent Case-Shiller index release was for February. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA).

From CoreLogic: CoreLogic US Home Price Report Shows Home Prices Up 6.7 Percent Year Over Year in March 2016

Home prices nationwide, including distressed sales, increased year over year by 6.7 percent in March 2016 compared with March 2015 and increased month over month by 2.1 percent in March 2016 compared with February 2016, according to the CoreLogic HPI.
...
“Home prices reached the bottom five years ago, and since then have appreciated almost 40 percent,” said Anand Nallathambi, president and CEO of CoreLogic. “The highest appreciation was in the West, where prices continue to increase at double-digit rates.”
emphasis added
CoreLogic House Price Index Click on graph for larger image.

This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100.

The index was up 2.1% in March (NSA), and is up 6.7% over the last year.

This index is not seasonally adjusted, and this was a solid month-to-month increase.

The index is still 5.3% below the bubble peak in nominal terms (not inflation adjusted).

CoreLogic YoY House Price IndexThe second graph shows the YoY change in nominal terms (not adjusted for inflation).

The YoY increase had been moving sideways over the last year, but has picked up a little recently.

The year-over-year comparison has been positive for forty nine consecutive months.