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April 14, 2014

FNC Index: Year-over-Year Growth at Highest since June 2006

The latest FNC Residential Price Index™ (RPI) shows U.S. home prices increased again in February as sales of non-distressed homes continue to rise and regain market share. The index, constructed to gauge the price movement among normal home sales exclusive of distressed properties, indicates much of the nation’s underlying home value shows solid growth as dwindling REO sales fall to their lowest levels since 2007.

In February, the index’s year-over-year acceleration reached 9.1%, bouncing back to levels attained at the peak of the housing market in June 2006. The momentum is expected to pick up as Spring home buying is getting into full swing, even absorbing the slack caused by the bad weather that affected much of the country. Mortgage rates remain low and even fell slightly in recent weeks. The for-sale markets in most of the country are up with rising listing activities and fewer price markdowns. Average asking price rose 5.0% in March, reaching a 20-month high. Meanwhile, the asking-price discount dropped to 2.6% and an advance April estimate shows further declining.

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