Magazine article Mortgage Banking

FNC Index Shows Home Prices Up Modestly in December

Magazine article Mortgage Banking

FNC Index Shows Home Prices Up Modestly in December

Article excerpt

Oxford, Mississippi--based FNC reported that its FNC Residential Price Index[TM] (RPI) for December showed the nation's average home prices ended last year with a slight increase after a three-month decline.

Throughout the fourth quarter, home prices were down 0.2 percent from the third quarter, dragging the year-over-year growth rate down to about 5 percent, the company said.

The RPI is based on recorded sales of non-distressed properties (existing and new) for the 100 largest metropolitan areas. The index showed an increase of 0.1 percent in December over November 2014. A smaller version of the index covering 30 metropolitan statistical areas (MSAs) also showed an increase of 0.1 percent in home prices in December over November. The 10-MSA index showed prices declining by 0.2 percent over that period.

The year-over-year trends showed prices for the 100MSA national index going up by 5 percent in December. For the one-year period ending in November the price gains were 5.2 percent, and in October the gains were 5.7 percent. For the narrower 30-MSA index, the annual gain for the period ending in December was 5.1 percent. For the 10-MSA index, the annual gain was 4. …

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