The March FNC Residential Price Index data add to a growing list of research findings that confirm the U.S. housing market continues to recover at a “steady and persistent” pace.
Up 0.4% nationally in March home prices marked the 13th consecutive month recording price increases.
The consistency of the housing recovery “despite signs of continued job market weakness and soft economic growth” indicate low interest rates continue to be a key driver of rising housing demand, analysts said.
Sales of nondistressed properties, both existing and new homes, in the 100 largest metropolitan areas followed by the FNC 100-MSA composite index show a 0.4% gain from the previous month and 5.5% compared to March 2012.
On a quarterly basis, home prices rose 0.7% during the first quarter, compared to 5.7% price gains during the same quarter in 2012.
Positive developments include improved credit and a continued decline of the
In March, 22 of the markets tracked by the FNC 30-MSA composite index show price increases, especially in hot markets like Phoenix where home prices have accelerated rapidly “even after rising at a rate of 2.1% per month for 13 straight months, while
Major housing markets that continue to underperform include Chicago, Baltimore, St. Louis, Cleveland and San Antonio as shown by weakened quarterly prices between 4Q 2012 and 1Q 2013.
