Magazine article Mortgage Banking

Midwest Home Prices Outperform in Third Quarter

Magazine article Mortgage Banking

Midwest Home Prices Outperform in Third Quarter

Article excerpt

Oxford, Mississippi-based FNC Inc. reported that in the third quarter of 2015, the pace of home-price gains on a national basis slowed to 1.7 percent from the healthier 3.5 percent pace in the second quarter. The company's Residential Price Index[TM] (RPI) for the month of September remained steady on the monthly basis from the prior month, with a gain of 0.2 percent for the national index. But clear regional differences were evident, with Midwest housing markets showing notable strength.

FNC reported that through September, the national index reflected a home-price gain of 6.1 percent compared with its reading one year ago when the pace of appreciation was 5.7 percent.

A smaller index (10-MSA composite) reflecting prices for the 10 top metropolitan statistical areas (MSAs) found the year-over-year price gains through September reached 7 percent. That was better than the 6.4 percent for the somewhat broader 30-MSA composite index and the overall national index reading of 6.1 percent.

In the September data, the top five markets for price gains on a month-over-month basis were St. Louis (1.6 percent); Chicago (1.6 percent); Cleveland (1.6 percent); Las Vegas (1.3 percent); and San Francisco (1.3 percent).

Of the 30 markets in the 30-MSA composite index, 11 showed home-price declines on a month-over-month basis in September, according to FNC.

The company noted that the "Midwest region continues to outperform the rest of the country. …

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