Home Prices Jump 1.2% from March to April: FNC

Home prices rose 1.2% in April, from the previous month, in the largest seasonal gain since 2005, according to FNC.

The FNC Residential Price Index also found that home prices rose an unadjusted 5.3% compared to a year earlier. FNC attributed the rate of growth to strong sales during the spring housing market, and limited inventory relative to demand.

Portland, Ore., posted the fastest increase in home prices, rising 3.5% from March to April. New York had the second-fastest rate, climbing 3.1%. Las Vegas rose the fastest compared to a year ago, climbing 14.1%, followed by Dallas at 11.9%.

Completed foreclosures in April made up 12.6% of total existing home sales, the Oxford, Miss., mortgage-technology provider said. That's a decline of 1% compared to March.

FNC's Residential Price Index is based on the recorded sales prices and real-time appraisals. The index excludes the final sales of foreclosed homes and properties classified as "other real estate owned."