Home prices saw their largest r S March-to-April increase since spring of 2005, according to the home-price index findings released on June 23 by FNC, Oxford, Mississippi. The company said strong sales combined with limited inventory to produce healthy home-price gains during the peak spring buying season.
The company also said that forward-looking indicators suggest the housing market's strength will continue into summer. FNC noted that median May time on the market in May was down to 98 days from April's 112 days.
FNC noted that the average asking price discount dropped from 3.6 percent in April to 2.8 percent in May. The company also noted that preliminary May estimates show that foreclosure sales have dropped to 7.5 year lows, near where they were in the fall of 2007.
FNC publishes a national home-price index plus a smaller 30-market composite index and a 10-market composite index. The company's national index was up by 5.3 percent in April 2015 over April 2014. The 30-MSA (metropolitan statistical area) Composite was up by 5.8 percent in April 2015 versus the year earlier. And the 10-MSA Composite jumped by 5.6 percent in April 2015 compared with April 2014.
The company reported that except for Baltimore; Orlando, Florida; and San Antonio, Texas, all 27 other cities in the 30-MSA Composite posted modest to strong gains in April. Portland, Oregon, led all other markets with a 3.5 percent gain in...