After six months of year-over-year gains in home prices, the FNC home price index fell one percent in May 2012 when compared to May of last year.
The 30-city composite index also fell, dropping 1.8 percent, and continuing a long trend of declining year-over-year price declines since 2007.
The first graph shows the Denver area compared to the 30-city index:
Compared to the 30-city index, price movements in the Denver area have been much more mild, and year-over-year price increases have been seen since the end of 2011. The second graph shows the year-over-year change in the Denver index from FNC.
FNC's data for May conflicts with the Corelogic trend for Colorado which showed a 5.7 percent increase for the state during May. State data tends to reflect metro Denver trends. Case-Shiller's index for May has not yet been released (but will be out July 31). Taking several home price indices together, however the trend appears to be up going into summer 2012.
The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.