by Bill McBride on 6/20/2016 08:47:00 AM
Monday, June 20, 2016
In addition to Case-Shiller, and CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes.
FNC released their April 2016 index data. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 1.1% from March to April (Composite 100 index, not seasonally adjusted).
The 10 city MSA increased 1.6% (NSA), the 20-MSA RPI increased 1.5%, and the 30-MSA RPI increased 1.4% in April. These indexes are not seasonally adjusted (NSA), and are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales).
From FNC: FNC Index: April Home Prices Up 1.1%
The latest FNC Residential Price Index™ (RPI) indicated U.S. home prices rose quickly in April, up 1.1% at a seasonally unadjusted rate. On a year-over-year basis, prices continue to enjoy modest growth, rising 5.6% from a year ago.Notes: In addition to the composite indexes, FNC presents price indexes for 30 MSAs. FNC also provides seasonally adjusted data.
The index is still down 12.2% from the peak in 2006 (not inflation adjusted).
Click on graph for larger image.
This graph shows the year-over-year change based on the FNC index (four composites) through April 2016. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
Most of the other indexes are also showing the year-over-year change in the mid single digit range.
Note: The April Case-Shiller index will be released on Tuesday, June 28th.