RSS Feed by Calculated Risk on 5/11/2014 10:26:00 AM
Sunday, May 11, 2014
FNC: Residential Property Values increased 9.1% year-over-year in March
In addition to Case-Shiller, CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes.
FNC released their March index data. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.6% from February to March (Composite 100 index, not seasonally adjusted). The other RPIs (10-MSA, 20-MSA, 30-MSA) increased between 0.2% and 0.4% in March. These indexes are not seasonally adjusted (NSA), and are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales).
The year-over-year change slowed slightly in March, with the 100-MSA composite up 9.1% compared to March 2013. In February, the year-over-year increase was 9.2%. The index is still down 22.2% from the peak in 2006.
Click on graph for larger image.
This graph shows the year-over-year change based on the FNC index (four composites) through March 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
There is still no clear evidence in the FNC index of a slowdown in price increases yet.
The March Case-Shiller index will be released on Tuesday, May 27th, and I expect Case-Shiller to show a slowdown in price increases.
