RSS Feed by Calculated Risk on 2/23/2015 12:45:00 PM
Monday, February 23, 2015
Black Knight: House Price Index down slightly in December, Up 4.5% year-over-year
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: U.S. Home Prices Down 0.1 Percent for the Month; Up 4.5 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 December 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.The Black Knight HPI decreased 0.1% percent in December, and is off 10.2% from the peak in June 2006 (not adjusted for inflation).
The year-over-year increases had been getting steadily smaller since peaking in 2013 - as shown in the table below - but the YoY increase has been about the same for the last four months:
| Month | YoY House Price Increase |
|---|---|
| Jan-13 | 6.7% |
| Feb-13 | 7.3% |
| Mar-13 | 7.6% |
| Apr-13 | 8.1% |
| May-13 | 7.9% |
| Jun-13 | 8.4% |
| Jul-13 | 8.7% |
| Aug-13 | 9.0% |
| Sep-13 | 9.0% |
| Oct-13 | 8.8% |
| Nov-13 | 8.5% |
| Dec-13 | 8.4% |
| Jan-14 | 8.0% |
| Feb-14 | 7.6% |
| Mar-14 | 7.0% |
| Apr-14 | 6.4% |
| May-14 | 5.9% |
| June-14 | 5.5% |
| July-14 | 5.1% |
| Aug-14 | 4.9% |
| Sep-14 | 4.6% |
| Oct-14 | 4.5% |
| Nov-14 | 4.5% |
| Dec-14 | 4.5% |
The press release has data for the 20 largest states, and 40 MSAs.
Black Knight shows prices off 41.0% from the peak in Las Vegas, off 34.3% in Orlando, and 32.0% off from the peak in Riverside-San Bernardino, CA (Inland Empire). Prices are at new highs in Colorado and Texas (Denver, Austin, Dallas, Houston). Prices are also at new highs in Nashville, TN, and San Jose, CA.
Note: Case-Shiller for December will be released tomorrow.
