With the FNC Residential Price IndexTM (RPI) levels for August home prices have climbed back
to December 2009 levels. But the index,
while it rose 0.6 percent from the July level, is beginning to display signs of
a subsiding momentum.
represented the 18th consecutive month in which home prices have
climbed on the RPI, indicating that the housing recovery remains well underway.
However that month-over-month increase was smaller than the 0.8 percent monthly
increase in July and 0.9 percent in June. The year-over -year appreciation increased
over that of earlier months, gaining 5.3 percent compared to the 4.7 percent
and 4.6 percent annual increases in June and July. The FNC 100-MSA composite is
based on sales of non-distressed new and existing residential properties in the
100 largest metropolitan areas.
September median sales-to-list price ratio was also moderated, coming in at
96.2, a 3.8 percent listing price markdown among closed sales, compared to 97.2
market fundamentals, especially foreclosure filings and the foreclosure
inventory, continued to improve and contributed to rising home prices. The share of the home sales coming from
foreclosures dipped in August to 12.4 percent from 12.7 percent in July and was
more than 4.5 percent below one year earlier.
Nearly all of the major housing
markets in the FNC 30-MSA posted price increases in August, but some also
showed signs of weakening. Phoenix and
Los Angeles had month-over-month declines of 0.1 and 0.4 percent respectively following
many months of increases averaging 2.0 percent.
Denver, another strong-performer in
the current recovery, also suffered a small loss in August.
San Antonio recorded the largest
monthly increase, 2.1 percent and Las Vegas climbed 1.8 percent, the 10th
consecutive month of rapid price acceleration.
Home prices in Charlotte and New York also performed strongly. Chicago, where foreclosures sales made up
21.8 percent of the market in August, prices have appreciated by the smallest
amount of any city in the 30 MSA index.
FNC's RPI blends public records of
residential sales prices with real-time appraisals of property and neighborhood
attributes. The RPI excludes sales of
foreclosed homes, which are frequently sold with large price discounts,
reflecting poor property conditions.