Home Prices Fall 0.3% in January: FNC

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Home prices fell in January while completed foreclosures grew month-to-month, according to figures released March 18 by mortgage technology firm FNC.

The FNC Residential Price Index recorded a 0.3% drop in home prices for the first month of 2015, although year-over-year prices increased over 4%. The index is based on recorded sales for non-distressed properties in the top 100 metropolitan areas across the country.

The share of completed foreclosures as part of total existing home sales grew to 15.5% in January from 13.6% in December. This figure was down, however, from a year ago, when it rested at 17.6%. The median asking price discount meanwhile reached a 24-month, as did time-on-market, at 5.4% and 133 days respectively.

Of the 100 metropolitan areas studied, only 10 featured increasing home prices on a month-to-month basis, with Seattle having the biggest growth in home prices at 2.3%. Minneapolis and Chicago led the declining housing markets with 2.3% and 1.9% decreases in home prices respectively. On a year-over-year basis though, only Washington, D.C., Detroit, St. Louis and Cincinnati posted dropping home prices.

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