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May 15, 2014
FNC Index: Home Prices Up 1.3% in the First Quarter
The latest FNC Residential Price Index™ (RPI) shows U.S. home prices continue to rise, up another 0.6% from February to March. Constructed to gauge the price movement among normal home sales exclusive of distressed properties, the index increased 1.3% during the first quarter. The index’s year-over-year growth remains steady at about 9.0%, which is largely unchanged since December.
Despite signs of decreased housing activity, sales of non-distressed homes continue to rise moderately, driving prices higher. As of April, foreclosure sales nationwide accounted for 12.6% of total home sales, down from 13.4% in March. The for-sale markets continue to see smaller and fewer price markdowns. April’s average asking-price discount dropped to 2.0% from March’s 2.6%.
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