Monday, August 25, 2014

Black Knight (formerly LPS): House Price Index up 0.8% in June, Up 5.5% year-over-year

by Calculated Risk on 8/25/2014 08:54:00 AM

Notes: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, 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 Black Knight: U.S. Home Prices Up 0.8 Percent for the Month; Up 5.5 Percent Year-Over-Year

Today, the Data and Analytics division of Black Knight Financial Services released its latest Home Price Index (HPI) report, based on June 2014 residential real estate transactions. The Black Knight HPI combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes. The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.
...
- Yearly increases in home appreciation continue to slow
- All 20 largest states and 40 largest metros again show month-over-month growth
- Nevada shows largest monthly gain among states, while Colorado and Texas continue to hit new highs
- Reno, Nev. home prices rise nearly 2 percent-- the most of any metropolitan area; Las Vegas still 42 percent off peak
The year-over-year increases have been getting steadily smaller for the last 9 months - as shown in the table below:

MonthYoY House
Price Increase
Jan-136.7%
Feb-137.3%
Mar-137.6%
Apr-138.1%
May-137.9%
Jun-138.4%
Jul-138.7%
Aug-139.0%
Sep-139.0%
Oct-138.8%
Nov-138.5%
Dec-138.4%
Jan-148.0%
Feb-147.6%
Mar-147.0%
Apr-146.4%
May-145.9%
June-145.5%


The Black Knight HPI is off 10.4% from the peak in June 2006 (not adjusted for inflation).

Note: The press release has data for the 20 largest states, and 40 MSAs.

Black Knight shows prices off 41.8% from the peak in Las Vegas, off 34.9% in Orlando, and 31.4% 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 San Jose, CA and in Nashville, TN.

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