by Calculated Risk on 8/28/2017 08:30:00 AM
Monday, August 28, 2017
Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC 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 Report: U.S. Home Prices Hit Another New High with 0.9 Percent Gain in June, Up 6.2 Percent Year-Over-Year
• After 62 consecutive months of annual home price appreciation, U.S. home prices hit yet another new peak in JuneThe year-over-year increase in this index has been about the same for the last year (in the 5% and 6% range).
• Prices rose 0.9% from May, for a total of 5.5% growth since the start of the year
• The national level HPI now stands at $281K, and the rate of annual growth continues to accelerate (+6.2% Y/Y in June as compared to +6.1% in May)
• 12 of the 20 largest states and 21 of the 40 largest metros hit new home price peaks in June
Note that house prices are above the bubble peak in nominal terms, but not in real terms (adjusted for inflation). Case-Shiller for June will be released tomorrow.