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: December 2016 Transactions: U.S. Home Prices Up 0.1 Percent for the Month; Up 5.7 Percent Year-Over-Year
• U.S. home prices rose a total of 5.7 percent in 2016, having seen an average of 5.4 percent annual appreciation each month of the year, accelerating into the later months
• December marks 56 consecutive months of annual national home price increases
• Home prices in four of the nation’s 20 largest states and seven of the 40 largest metros hit new peaks
The year-over-year increase in this index has been about the same (5% to 5.7% range) for the last year, although the index picked up a little at the end of 2016.
Note that house prices are close to the bubble peak in nominal terms, but not in real terms (adjusted for inflation). Case-Shiller for December will be released tomorrow.