Monday, April 28, 2014

Black Knight (formerly LPS): House Price Index up 0.7% in February, Up 7.6% year-over-year

by Calculated Risk on 4/28/2014 09:10:00 AM

Notes: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight (formerly LPS), Zillow, FHFA, FNC and more). The timing of different house prices indexes can be a little confusing. 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 LPS: U.S. Home Prices Up 0.7 Percent for the Month; Up 7.6 Percent Year-Over-Year

Today, the Data and Analytics division of Black Knight Financial Services (formerly the LPS Data & Analytics division) released its latest Home Price Index (HPI) report, based on February 2014 residential real estate transactions. ... The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.
The year-over-year increase was less in February (7.6% YoY increase) than in January (8.0%), December (8.4%), November (8.5%) and October (8.8%), so this suggests price increases might be slowing.

The LPS HPI is off 13.5% from the peak in June 2006.

Note: The press release has data for the 20 largest states, and 40 MSAs. Prices increased in 19 of the  20 largest states in February and were unchanged in Ohio.

LPS shows prices off 43.7% from the peak in Las Vegas, off 36.7% in Orlando, and 34.1% off from the peak in Riverside-San Bernardino, CA (Inland Empire). Prices are at new highs in Colorado and Texas (Denver, Austin, Dallas, Houston and San Antonio metros). Prices are also at new highs in Honolulu.

Note: Case-Shiller for February will be released tomorrow.