Wednesday, May 15, 2013

FNC: House prices increased 5.5% year-over-year in March

by Calculated Risk on 5/15/2013 12:37:00 PM

In addition to Case-Shiller, CoreLogic, FHFA and LPS, I'm also watching the FNC, Zillow and several other house price indexes.

From FNC: FNC Index: U.S. Home Prices Up 0.4% in March

The latest FNC Residential Price Index™ (RPI) shows the U.S. housing market continued to recover, recording in March the 13th consecutive price increase. In recent months, the ongoing housing recovery has maintained its pace with steady and persistent gains in home prices despite signs of continued job market weakness and soft economic growth.

... Based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas, the FNC 100-MSA composite index shows that March home prices rose 0.4% from the previous month, and were up 5.5% from a year ago. ... The two narrower composite indices (30-MSA and 10-MSA composites) show similar month-over-month increases but faster year-over-year accelerations at 6.7% and 7.4%, respectively.
The year-over-year change slowed a little in March, with the 100-MSA composite up 5.5% compared to March 2012. The FNC index turned positive on a year-over-year basis in July, 2012.

FNC House Price IndexClick on graph for larger image.

This graph shows the year-over-year change for the FNC Composite 10, 20, 30 and 100 indexes. Note: The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.

Even with the recent increase, the FNC composite 100 index is still off 28.7% from the peak.