FNC: Home Prices Rose 0.6%, On Average, In March

Posted by Patrick Barnard on May 16, 2014 No Comments
Categories : Residential Mortgage

U.S. home prices rose 0.6%, on average, in March compared to February, according to FNC's Residential Price Index, which tracks price movement exclusive of distressed properties.

In addition, home prices rose 1.3% during the first quarter, according to FNC.

On a year-over-year basis, home prices were up 9%, on average, in March.

As of April, foreclosure sales nationwide accounted for 12.6% of total home sales, down from 13.4% in March, according to the report.

The for-sale markets continue to see smaller and fewer price markdowns. April's average asking-price discount dropped to 2% from March's 2.6%, FNC says.

The index, which includes 30- and 10-city composites, shows that home price appreciation has slowed since January in the nation's top housing markets.

San Antonio and Miami saw the largest month-over-month increases at nearly 3% each, followed closely by Charlotte, N.C.; Riverside, Calif.; and Sacramento, Calif.; at more 2% each. March was the second consecutive month that Sacramento experienced a steep price increase, according to FNC.

Meanwhile, home prices declined about 1% in Chicago, Cincinnati, Columbus and New York. Baltimore saw the biggest decline in home prices in March – 2.4%. Home prices in that city had been declining by about 1.2% per month, on average, since November, according to the report.

Home prices also continued to weaken in Denver, making March the seventh consecutive month of negative month-to-month change.

For more, including charts and graphs, click here.

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