The residential real estate market remained healthy in February as home prices climbed and completed foreclosures fell year-over-year, mortgage technology firm FNC reported.
The FNC Residential Price Index found a 0.6% increase in home prices for February with year-over-year prices rising over 4%. The share of completed foreclosures during the month was 15.8% of total existing home sales, higher than the 15.5% recorded in January but well below the 17.1% from the same period a year ago.
The median asking price discount was 4.9%, while the time-on-market was 133 days; both were down from January.
Additionally, Sacramento, Calif., had the highest month-to-month increase in prices at 3.4%, and Las Vegas featured the greatest price growth over 2014 at 12.8%. Detroit and St. Louis recorded the most significant price decreases, both month-to-month and year-over-year.
The RPI is based on sales recorded for nondistressed properties in the top 100 metropolitan areas nationwide.
