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Median Price of Homes Purchased Rose 2.3 Percent; FNC Index Marks Overall Increase 0.5 Percent in May

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At 28.0% and 17.0%, Phoenix and Las Vegas continue to lead the country in the year-over-year price appreciation, followed by Sacramento and San Francisco at 11.2% and 10.7%, respectively. Year-over-year trends are slightly down in Portland, Baltimore, and Chicago. While home prices are rising in most markets, San Antonio, Houston, Chicago, Columbus, and San Antonio show little signs of year-to-date price improvement.

1. The FNC National Residential Price Index is a volume-weighted aggregate price index consisting of 100 major metropolitan areas across different regions of the U.S. All FNC Residential Price Indices are constructed to capture unsmoothed home price trends.

2. The hedonic procedures used to create the index are described in “Hedonic versus repeat-sales housing price indexes for measuring the recent boom-bust cycle,” by Dorsey, R.E., Hu, H., Mayer, W.J., and Wang, H.C., Journal of Housing Economics 19 (2), 75–93.

For more information on the American Housing Survey, visit http://www.census.gov. More information about the FNC Index can be found at http://www.fncinc.com.

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