Monday, October 30, 2017

Black Knight: House Price Index up 0.2% in August, Up 6.2% year-over-year

by Bill McBride on 10/30/2017 01:01:00 PM

Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA 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: U.S. Home Prices Hit Another New Peak, Gaining 0.24 Percent in August 2017 With Year-Over-Year Growth Steady at 6.24 Percent

• The national-level HPI rose in August ($282K), marking another new high for U.S. home prices

• Home prices rose just 0.24 percent from July, while the annual rate of appreciation remained steady at 6.24 percent

• Year-to-date, U.S. home prices have gained more than six percent

• August’s rate of monthly appreciation fell to less than half that of July’s, marking five consecutive months of slowing growth

• Of the nation’s 40 largest metros, 14 hit new peaks – Boston, MA; Charlotte, NC; Cincinnati, OH; Dallas, TX; Houston, TX; Kansas City, MO; Los Angeles, CA; Nashville, TN; New York, NY; Portland, OR; San Antonio, TX; San Diego, CA; San Francisco, CA and San Jose, CA
The year-over-year increase in this index has been about the same for the last year (close to 6% range).

Note that house prices are above the bubble peak in nominal terms, but not in real terms (adjusted for inflation).  Case-Shiller for August will be released tomorrow.