RSS Feed by Calculated Risk on 8/11/2014 10:27:00 AM
Monday, August 11, 2014
FNC: Residential Property Values increased 8.0% year-over-year in June
In addition to Case-Shiller, CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes.
FNC released their June index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.8% from May to June (Composite 100 index, not seasonally adjusted). The other RPIs (10-MSA, 20-MSA, 30-MSA) increased between 0.8% and 0.9% in June. 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 (YoY) change slowed in May, with the 100-MSA composite up 8.0% compared to June 2013. For FNC, the YoY increase has been slowing since peaking in February at 9.4%.
The index is still down 20.0% 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 June 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
All of the price indexes are now showing a slowdown in price increases.
The June Case-Shiller index will be released on Tuesday, August 26th, and I expect Case-Shiller to show a further slowdown in YoY price increases.
