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April Home Prices Surge Nearly 7 Percent

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On a year-over-year basis, home prices were up 4.6percent from a year ago. The indices have been revised downward for the prior months, resulting in more moderate annual price accelerations.

FNC’s RPI is the mortgage industry’s first hedonic price index built on a comprehensive database that blends public records of residential sales prices with real-time appraisals of property and neighborhood attributes. As a gauge of underlying home values, the RPI excludes sales of foreclosed homes, which are frequently sold with large price discounts reflecting poor property conditions.

Twenty-five of the component markets tracked by the FNC 30-MSA composite index show higher prices in April, and home prices were up by 1.0 percent or more in nearly a third of the markets, led by Phoenix at 2.0 percent, which has seen a nearly 30 percent price jump in the last 12 months or an average of 2.2 percent per month. Houston, Columbus, Cleveland, and San Antonio show small price declines during the month.

Year over year, Phoenix, Las Vegas, Sacramento, and San Francisco show the largest price increase at 29.1 percent, 15.8 percent, 11.6 percent, and 11.0 percent respectively. Lagging behind the national trends are Baltimore, San Antonio, Columbus, and Chicago where home prices in the last 12 months remain relatively flat. Chicago continues to track only second to Detroit in foreclosure sales, with nearly 1-in-3 homes sold during April being foreclosure sales.

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