The latest ""Residential Price Index"":http://www.fncrpi.com/ViewFile.aspx?ref=pr_59 (RPI) report from ""FNC, Inc."":http://www.fncinc.com/, shows property values continued to improve in October on the national level.[IMAGE]
Home prices were up 0.4 percent in October, marking the eighth consecutive month of price increases. Year-to-date, prices have appreciated at a rate of 5.1 percent.
On an annual basis, the national composite improved 3.7 percent in October, continuing the trend of rapid year-over-year price growth acceleration.
According to FNC, October's price gains falls ""in line with indications of continued expansion in economic activity and better employment rates in recent months.""
There is also a host of other contributing factors at play.
""Favorable developments in the housing sector, including declining foreclosure activities and rising home sales, have contributed to the continued price strengthening. Higher [COLUMN_BREAK]
listing prices and smaller listing price discount, in part driven by rising homeowners' expectations about future prices, have also contributed to the improvement,"" the report says.
FNC's index is built on a database blending public records of residential sales prices with real-time appraisals of property and neighborhood attributes. The index excludes sales of foreclosed homes, which often drive down price indicators.
On a smaller level, the 10-metropolitan statistical area (MSA) composite index was up 1.1 percent from September to October--the largest monthly increase out of the three composite indices. The 10-MSA index also posted 4.2 percent growth year-over-year, reaching levels last seen before the housing crisis.
Meanwhile, the 30-MSA composite grew 0.7 percent month-over-month and 4.4 percent year-over-year (the largest yearly growth out of the three indices). The majority of markets measured in the 30-MSA index showed improvement--only nine posted price depreciation, down from 12 in September--with Denver leading the charge in month-to-month gains (up 3.5 percent). Home prices in Denver have risen at an average rate of 1.2 percent per month year-to-date, leading to a 12.1 percent price appreciation this year.
On a yearly basis, Phoenix, Denver, Detroit, Washington, D.C., and Miami reported the largest gains in October, improving 21.3 percent, 13.7 percent, 8.8 percent, 7.4 percent, and 7.1 percent, respectively. Only two markets saw depreciation from October 2011: Columbus, Ohio (down 3.4 percent) and Chicago (down 1.4 percent).