Magazine article Mortgage Banking

Home Prices Up in August amid Signs Momentum Is Fading

Magazine article Mortgage Banking

Home Prices Up in August amid Signs Momentum Is Fading

Article excerpt

* Oxford, Mississippi-based FNC Inc. released its latest FNC Residential Price Index (RPI) on Oct. 15, and the report showed that August was the 18th consecutive month of rising home prices. The index moved 0.6 percent higher in August from the prior month.

The company reported that August home prices, as measured by the RPI, had returned to levels last seen in December 2009.

The price gains are due to a number of market factors, according to FNC. One of the key factors supporting rising prices is the decline in new foreclosure filings and foreclosure inventory.

In August, foreclosure sales nationwide accounted for 12.4 percent of total home sales, according to FNC. That was down just slightly from the 12.7 percent registered in July 2013. But it was down by more than 4.5 percentage points from August 2012.

There was some evidence of pricing markdowns that suggest price-growth momentum may be fading. FNC said the September median sales-to-list price ratio edged lower to 96.2 percent (down from 97.2 percent in August). The September data showed a 3.8 percent listing price markdown among closed sales. …

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