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.
Miami displayed a modest price decline this August of 1.6 percent., and is currently down 5.8 percent on a year-to-date price change basis., and 9.3 percent on a year-over-year price change basis.
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.