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August 24, 2012
Home Prices Rise for 4th Consecutive Month; June FNC Index Up 1.1%
FNC’s latest Residential Price Index™ (RPI) indicates that U.S. residential property values continue to gain traction amid signs of slower economic growth and a stagnant labor market.
Home prices rose again in June for the fourth consecutive month. Nationwide, June home prices – based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas – were up at a seasonally unadjusted rate of 1.1% from the previous month. On a quarterly basis, home prices rose 2.7% during the second quarter, the largest increase in six years. Year to date, home prices were up nearly 4.0% since January.
A decrease in downward pressure from fewer sales of distressed properties continues to be an important factor in driving the market up. Rising demand has narrowed the gap between homeowner’s asking prices and final sales prices to a five-year low, while in the meantime asking prices have risen to a four-year high.
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