by Bill McBride on 10/31/2016 09:30:00 AM
Monday, October 31, 2016
Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC and more). Note: Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted.
From Black Knight: Black Knight Home Price Index Report: August 2016 Transactions U.S. Home Prices Up 0.3 Percent for the Month; Up 5.3 Percent Year-Over-Year
• August’s 5.3 percent annual home price appreciation (HPA) continues a trend of very stable growth, with seven of the last eight months seeing the same rate of annual HPAThe year-over-year increase in this index has been about the same for the last year.
• At $266K, the U.S. is now within just 0.7 percent of a new national peak and up over 33 percent from the market’s bottom
• Nine states saw negative monthly price movement, led by South Carolina, North Dakota, Virginia, Connecticut and Missouri, all down 0.3 percent from July
• Home prices in nine of the nation’s 20 largest states and nine of the 40 largest metros hit new peaks
Note that house prices are close to the bubble peak in nominal terms, but not in real terms (adjusted for inflation).