November 18th, 2013
Residential real estate prices did not waver in the third quarter of 2013.
According to the FNC Residential Price Index, which measures price movement, there was price appreciation of 2.5 percent in the third quarter when compared to the second quarter. The growth is attributed to dwindling foreclosure sales activity accompanied by virile home sales. Foreclosure sales were 13.4 percent of total sales in September, which was a decline when compared to the previous year. In September 2012, foreclosure sales accounted for 16.6 percent of all sales.
Of the 30 largest metro areas measured by the index, 27 had increasing prices from August to September. The front runners were Miami, Baltimore, Charlotte, N.C., and Riverside, Calif. These areas had between 1.9 and 2 percent price growth.
Las Vegas led the group for year-over-year growth at 25.8 percent and was followed by Phoenix and Los Angeles.
The markets experiencing the greatest price appreciation are favorable to people who want to sell their home before they relocate. Additionally, the steady rate of sales bodes well for sellers who need to get their property off the market quickly.