Home Price Index Services
Covius’ Home Price Index services draw upon the industry’s leading sources of Home Price Index models. Our comprehensive HPI solution allows you to compare HPIs side by side to match data and create a highly targeted HPI solution. This approach improves data transparency and provides objective and accurate results.
Our HPI solution is designed to provide a more accurate picture of home prices in today’s market for all property types and conditions. The HPI provides a cost-effective alternative to traditional property valuation methods. Its accuracy, coverage and treatment of short sales and REO transactions allow capital markets professionals to quickly and reliably evaluate portfolio equity and determine potential for loss.
This approach offers several advantages:
- An increase in the density of observations allows for trends and forecasts to be reported down to the zip code and often the zip+1 level.
- Separate HPIs are delivered for single family residences and condos for the same area.
- The index is not constrained by constant quality assumptions over time.
- Because data is aggregated directly from county recorder offices, the HPI is updated monthly.
Available HPI models include:
Black Knight Home Price Index
Black Knight HPI provides unmatched granularity down to the ZIP-code level, with more than 15,500 ZIP codes — more than twice the coverage of other providers. The model also includes data for non-disclosure states and geographic areas with few transactions.
Inputs to the index come from McDash, Black Knight’s industry-leading loan-level database and the company’s robust property records database. Because Black Knight manages these data sources, the process is efficient and expedient. Using the most recent data available, Black Knight HPI can identify trends sooner than other HPIs—often by as much as two months earlier.
Traditional HPIs use older analytical methods that do not accurately reflect the unprecedented market conditions of the post-bubble period, including numbers of short sales and their associated discounts. To provide a more accurate picture of home prices, the Black Knight HPI uses all available home sale data.
CoreLogic® National HPI
This HPI covers 10 mortgage tiers with full history every month using national data only, creating a new standard of accuracy for a national HPI. Using it, you can benchmark local HPIs against national trends with full confidence in the underlying data, since—unlike national indices that simply aggregate state and metro-level HPIs.
CoreLogic HPI incorporates more than 30 years of repeat sales transactions, representing more than 45 million observations, and covers 6,645 Zip codes, 608 Core Based Statistical Areas (CBSAs), and 1,154 counties in all 50 states and the District of Columbia.
IntelliReal House Price Index
IntelliReal’s Intelligent House Price Index, iHPI™, is a tool that reports on residential real estate price trends at a precedent-setting level of granularity throughout the US. It precisely reports the median price movement starting at a national level down to the subject property’s neighborhood for a complete view of collateral risk. iHPI is comprised of more than 45,000 individual indices segmented on dimensions of property type and geography and is available on all valid US postal service addresses.
The iHPI represents median price trends based upon actual recorded ‘arms -length’ sales of greater than 1,500 sales within a given iSegment™ each quarter. The subject iSegment is comprised of the same type of home (e.g., SFR versus condo) characterized by similar attributes and price volatility. The standard report provides two years of price trend data; six historical quarters and a one future quarter forecast.
DataQuick Home Price Index
DataQuick developed its Neighborhood-Level HPI based on geo spatial data which lets you track trends and forecast at a more granular level. This increased precision significantly improves your ability to understand the relevant market trends impacting a neighborhood, as well as property values for specific properties within a neighborhood.
DataQuick’s geospatial approach lets you track trends and forecast at a more granular level by utilizing properties in similar local markets to increase the number of observations available for analysis. Properties within an area are given greater weight for trending for that specific area. Additional data points are pulled from neighborhoods with similar wealth and distressed property measures.