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Home Prices Up 0.6 Percent in August; Signs of Subsiding Growth Momentum

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The latest FNC Residential Price Index™ (RPI) shows continued growth of home prices in August as the U.S. housing recovery remains well underway. The index moved 0.6 percent higher from the previous the month, making August the 18th consecutive month of rising home prices. According to the FNC RPI, August home prices have climbed to the levels attained in December 2009.

Improving housing market fundamentals, particularly the rapid declines in new foreclosure filings and foreclosure inventory, contributed to the continued strengthening of home prices. In August, foreclosure sales nationwide accounted for 12.4 percent of total home sales, down slightly from July’s 12.7 percent and by more than 4.5 percentage points from a year ago. However, there are signs that the price momentum has likely subsided entering the fall/winter low season in homebuying. The latest September median sales-to-list price ratio edged lower to 96.2 – a 3.8 percent listing price markdown among closed sales, down from 97.2 in August.

Based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas, the FNC 100-MSA composite index shows that August home prices increased from the previous month at a seasonally unadjusted rate of 0.6 percent. In a sign of moderating month-over-month price momentum, August’s price increase is smaller than June and July. On a year-over-year basis, home prices were up a modest 5.3 percent from a year ago. The two narrower indices exhibit similar month-over-month price momentums but a slightly faster year-over-year price increase.

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