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September 21, 2010

July Home Prices Moved Lower, Eluding a Sustained Housing Recovery

Oxford, Miss (September 15, 2010) - The FNC Residential Price Index, the leading hedonic price index built on the industry’s most comprehensive database that combines public records and proprietary appraisals on residential properties across the United States, shows that home prices in July slipped into negative growth, declining approximately 1.0% from June. As the market’s most timely and accurate measure of home price trends, the index confirms that much of the weakening in home prices can be attributed to the withdrawal of the homebuyer tax credit. It is also reflective of a slowing economic recovery driven by continued weakness in the labor market and household spending.

The July home price decline came just three months after the homebuyer tax credit expired. In March, just one month before the April deadline of qualifying for tax credit and for the first time since the housing market crashed in summer 2007, home prices began to turn up with positive growth that continued for three consecutive months. Rising at a rate of 1% from February, March registered the largest price increase. Subsequent price increases grew weaker before retreating into the negative territory in July by nearly 1%. The FNC 10-MSA composite index indicated that home prices in the top 10 U.S. housing markets firmed up more steadily during the period and gained half a percentage point in July. Click to read full article.

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