In addition to Case-Shiller, CoreLogic, I’m also watching the FNC, Zillow and several other house price indexes.
FNC released their February index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.5% from January to February (Composite 100 index, not seasonally adjusted). The other RPIs (10-MSA, 20-MSA, 30-MSA) increased between 0.7% and 0.8% in February. These indexes are not seasonally adjusted (NSA), and are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales).
Since these indexes are NSA, this is a strong month-to-month increase.
The year-over-year change continued to increase in February, with the 100-MSA composite up 9.0% compared to February 2013. In January, the year-over-year increase was 8.9%. The index is still down 22.8% 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 February 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
There is still no clear evidence of a slowdown in price increases yet.
The February Case-Shiller index will be released on Tuesday, April 29th.