In August, home prices rose for the sixth consecutive month, which is consistent with the signs of strengthening market conditions led by rising existing home prices and declining foreclosure activity. This is according to data from the Residential Price Index (RPI) from FNC, a software technology company for mortgage lenders and servicers.
The index indicates that August home prices in the 100 largest metropolitan areas were up 0.3% from the previous month, and on a year-over-year basis home prices rose 1.5% from August 2011. The index is built on a comprehensive database that blends public records of residential sales prices with real-time appraisals of property and neighborhood attributes. It excludes sales of foreclosed homes.
Markets with month-to-month price increases: Los Angeles 3.1%
Phoenix 2.2%
Sacramento, Calif. 2.1%
Detroit 1.7%
Columbus, Ohio 1.6%
Markets with year-to-year growth: Phoenix 13.3%
Detroit 12%
San Francisco 8.8%
Sacramento, Calif. 7.9%
Washington, D.C. 7.8%
Los Angeles 7.4%
—Nina Patel, senior editor, REMODELING.
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