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October 15, 2013
FNC Index: Home Prices Up 0.6% in August; Signs of Subsiding Growth Momentum
The latest FNC Residential Price Index™ (RPI) shows continued growth of home prices in August as the U.S. housing recovery remains well underway. The index moved 0.6% higher from the previous the month, making August the 18th consecutive month of rising home prices. According to the FNC RPI, August home prices have climbed to the levels attained in December 2009.
Improving housing market fundamentals, particularly the rapid declines in new foreclosure filings and foreclosure inventory, contributed to the continued strengthening of home prices. In August, foreclosure sales nationwide accounted for 12.4% of total home sales, down slightly from July’s 12.7% and by more than 4.5 percentage points from a year ago. However, there are signs that the price momentum has likely subsided entering the fall/winter low season in homebuying. The latest September median sales-to-list price ratio edged lower to 96.2 – a 3.8% listing price markdown among closed sales, down from 97.2 in August.
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