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May 23, 2012

March FNC Residential Price Index Up 0.5%; Year-to-Year Declines at Five-Year Lows

FNC’s latest Residential Price Index™ (RPI), released Wednesday, indicates that U.S. residential property values are up for the first time since July 2011, providing more evidence that the housing market is rebounding as the spring homebuying season is underway.

Despite modest declines in March home sales, home prices – based on recorded sales transactions in the nation’s 100 largest metropolitan areas – enjoyed a small increase from February. Declining foreclosure sales as a percentage of total home sales have likely contributed to the price stabilization.

More robust price increases are expected with the increase in spring home sales while the conditions of record low mortgage rates and favorable price affordability continue to attract potential homebuyers.

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