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January 21, 2011

November Single-Family Home Prices Decline 0.5 Percent despite Modest Increases in Home Sales

The FNC Residential Price Index (RPI) shows that U.S. residential home prices continued to weaken in November, despite modestly rising home sales during the month.

According to the index, home prices fell below significant market lows realized in February – just before a strong housing rebound began as homebuyers rushed to take advantage of the tax benefits. In November, the composite index was 2.4 points, or 1.7%, below the February low. The index’s location along the overall boom-and-bust cycle reveals that home prices are currently at levels comparable to those of May/June 2003.

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