by Calculated Risk on 2/26/2018 11:46:00 AM

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 HPI: U.S. Home Prices Ended 2017 Up 6.62 Percent from Start of Year, Gaining 0.1 Percent in December

• U.S. home prices edged up slightly in December, closing the year 6.6 percent above end of 2016

• December marked 68 consecutive months of annual home price appreciation

• New York once again led all states in monthly gains, with home prices up 1.71 percent over last month
...
• Home prices fell in nine of the nation’s 20 largest states, while six others hit new peaks

• Likewise, while 11 of the 40 largest metros hit new home price peaks in December, prices fell in another 20

Once again, this index is Not seasonally adjusted, and seasonally declines in some states is expected (so don't read too much into any regional declines).  The year-over-year increase in this index has been about the same for the last year (close to 6% range).

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