Home Price Gains to Decelerate in Winter

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This should come as no surprise as the winter months normal taper off in regards to home prices. For a more detailed look at this subject please read the article below.

The FHA Condos Approval Company, Inc.

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August marks the 18th consecutive month of rising home prices, according to FNC’s Residential Price Index released Tuesday, indicating an indisputable recovery. However, FNC, a mortgage industry technology provider, is detecting some deceleration in the recovery and declares, “It is clear that the recovery remains uneven across the nation.”

On a monthly basis, prices rose 0.6 percent in August, according to FNC’s composite of 100 large metropolitan areas. On a yearly basis, the increase is 5.3 percent. The monthly gain in August was smaller than the gains accrued over the two previous months.

FNC’s 30-market composite also posted a 0.6 percent month-over-month increase in August.

San Antonio, Texas, topped the 30-market list with a 2.1 percent gain, followed by Las Vegas with a 1.8 percent gain. Charlotte, North Carolina, and New York tied for third place with a 1.5 percent price gain over the month.

In all, 26 of the 30 markets posted price increases in August. The four markets where prices declined were Phoenix, Arizona (-0.1 percent), Baltimore, Maryland (-0.2 percent), Los Angeles (-0.4 percent), and Denver, Colorado (-0.4 percent).

“This softening price trend in Phoenix and Los Angeles—two of the housing market’s most important barometers—emerged after a long streak of rapid price accelerations that averaged more than a 2.0% month-over-month increase,” FNC stated.

FNC also noted that while the Chicago market “is on the mend,” it is lagging all other markets in the index in terms of price appreciation.

To read the complete article please use the link below.

Home Price Gains

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