Tuesday, July 05, 2016

CoreLogic: House Prices up 5.9% Year-over-year in May

by Bill McBride on 7/05/2016 09:14:00 AM

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

From CoreLogic: CoreLogic US Home Price Report Shows Prices Up 5.9 Percent Year Over Year in May 2016

Home prices nationwide, including distressed sales, increased year over year by 5.9 percent in May 2016 compared with May 2015 and increased month over month by 1.3 percent in May 2016 compared with April 2016, according to the CoreLogic HPI.
...
“Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”
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 1.3% in May (NSA), and is up 5.9% over the last year.

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

The index is still 7.2% 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.

The year-over-year comparison has been positive for fifty two consecutive months.