Housing Market Slowly Moving to Good News

Despite slow economic growth and stagnant unemployment figures, HousingWire says according to FNC’s residential price index (RPI), housing prices rose for the fourth straight month in June, up 1.1% from the previous month, in the 100 largest metropolitan areas. Based on new and existing homes, but excluding distressed sales, home prices rose 2.7% Q2 over Q1 2012, the largest rise in six years, and up nearly four percent for the year. Asking prices have increased to a a four-year high, while the gap between asking prices and final sales prices has dropped to a five-year low due to rising demand. MHProNews has learned if the current trend of rising prices continue, July may mark the first time since the housing downturn that prices will have risen year-over-year for the same month.

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