Friday, November 16, 2012
Residential Property Values Increased 2.3% Year-Over-Year in September
More positive housing data.
Based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas, September home prices were unchanged from the previous month, but up 2.3% from September 2011, according to the FNC 100-MSA composite (national) index. On a quarterly basis, home prices rose 1.8% during the third quarter. Year to date, home prices were up 4.5% from January.
The foreclosure inventory continues to be shrinking. Foreclosures as a percentage of total home sales continue to decline, down to 17.2% in September, compared to 26.7% in January 2012
and 23% in September 2011.
If Bernanke continues to print at the rate he is, home prices are likely to be very strong in 2013.
The component markets tracked by the FNC 30-MSA composite index Home prices, month-tomonth. rose 2.7% in Phoenix, 2.1%-Charlotte, 1.9%-San Diego, 1.9%-Las Vegas, and 1.8%-Orlando. Based on a three-month moving average (July, August, and September), Phoenix, Detroit, San Francisco, Sacramento, and New York show the largest price improvement, up 7.1%, 6.8%, 5.5%, 3.5%, and 3.5% respectively during the third quarter.