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May 15, 2015

FNC Index: Home Prices Up 0.9% in March

According to FNC’s Residential Price Index™ (RPI), U.S. home prices continued to rise at a brisk pace in March and were up 0.9% nationwide.

March’s increase follows a strong momentum in February that recorded some of the largest unseasonable gains in many of the nation’s key housing markets. With continued low interest rates and easing credits, particularly recently launched low-down payment conventional loans by Fannie Mae and Freddie Mac, home prices are positioned for strong gains. The spring/summer home buying season already appears underway across the West, South, and Midwest regions.

The latest development in the for-sale market shows the pace of home sales has picked up rapidly since March. The median time-on-market is down from 128 days in March to 106 days in April, the fastest seasonal pace for the month of April since the housing market began to recover in early 2012. The average asking-price discount is 3.3%, down from 4.2% in March. In San Francisco, tight inventory and bidding wars are pushing up the average sale price, adding a 5.0% premium to the owner’s asking price.

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