FNC released their March index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.5% in March (Composite 100 index). The other RPIs (10-MSA, 20-MSA, 30-MSA) increased about 0.8% in March. These indices are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales).
The year-over-year trends continued to show improvement in March, with the Composite 100 index down only 2.4% compared to March 2011. This is the smallest year-over-year decline in the FNC index since 2007.
The year-to-year declines in the largest housing markets, as indicated by the 10- and 30-MSA composites, are now below 3.0%, the slowest year-over-year decline since 2007.
Click on graph for larger image.This graph is based on the FNC index (four composites) through March 2012. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
The indexes are showing less of a year-over-year decline in March. If house prices have bottomed, the year-over-year decline should turn positive later this year or early in 2013.
The March Case-Shiller index will be released next Tuesday.