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April 21, 2011

At -0.7% RPI Indicates Better-than-Expected February Seasonality in Price Declines

FNC announced Thursday that U.S. home prices weakened only slightly in February—a better-than-expected price seasonality.

Based on the latest data on non-distressed home sales (existing and new homes), FNC’s Residential Price Index™ (RPI) indicated that home prices in February declined 0.7% from January, or 5.3% from a year ago.

Contrary to expectations of relatively rapid price deteriorations, February delivered instead the slowest one-month price declines since November. Even so, the trend shows that weak housing demand and spillovers from rising distressed sales continue to affect the mortgage market.

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