In addition to Case-Shiller, CoreLogic, I’m also watching the FNC, Zillow and several other house price indexes.
FNC released their May index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 1.0% from April to May (Composite 100 index, not seasonally adjusted). The other RPIs (10-MSA, 20-MSA, 30-MSA) increased between 1.1% and 1.3% in May. 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 in May, with the 100-MSA composite up 8.2% compared to May 2013. The index is still down 20.9% 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 May 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
This might be the beginning of a slowdown in prices increases in the FNC index.
The May Case-Shiller index will be released on Tuesday, July 29th, and I expect Case-Shiller to show a further slowdown in price increases.