by Calculated Risk on 9/17/2012 11:38:00 AM

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

FNC released their July index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.8% in July compared to June (Composite 100 index). The other RPIs (10-MSA, 20-MSA, 30-MSA) increased between 0.8% and 0.9% in July. These indexes are not seasonally adjusted (NSA), and are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales).

Since this index is NSA, the month-to-month changes will probably turn negative later this year. However this is the first month-to-month increase for the month of July since 2006.

The year-over-year trends continued to show improvement in July, with the 100-MSA composite up 0.6% compared to July 2011. This is the first year-over-year increase in the FNC index since year-over-year prices started declining in early 2007 (over five years ago).

Click on graph for larger image.

This graph is based on the FNC index (four composites) through July 2012. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.

Some of the month-to-month gain is seasonal since this index is NSA. The key is the indexes are now showing a year-over-year increase in July.

The July Case-Shiller index will be released next week on Tuesday, September 25th.