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Houston RPI Up for August and Contrary to National Averages

by Houston Agent

The latest Residential Price Index from FNC Inc., released October 20th, indicates that U.S. residential home prices declined in August by a seasonally adjusted rate of 0.8 percent, despite high level of sales during the month.

A decline in a month-over-month trend of U.S residential homes, excluding the sale of foreclosed homes, which are normally sold at discounted prices, is apparent across all three RPI composites; the National, the 30-MSA, and the 10-MSA indices. Moreover, home prices are 4-5 percent below the national levels attained a year ago in August 2010.

Contrary to the national trend, Houston prices were up after a strong seasonal rebound this August, up by 5.6 percent. Houston is also only one of two cities that showed a positive year-over-year price appreciation, up 1.0 percent in the last 12 months.

The decline upsets a four-month long seasonal uptrend, and tied in with a number of other indicators, forecasts continued weakness in the housing market in the coming months ahead.

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