House prices have climbed to a three-year high as the housing recovery continues.
The FNC Residential Price Index has shown home prices across the country rising 0.7% in July. The mortgage technology company said the index had hit its highest point in three years as falling foreclosures stripped distressed property prices out of the data.
"The rapid declines in foreclosure sales and new foreclosure filings have diminished the impact of distressed properties on home prices. Meanwhile, steadily rising home prices and an expectation of continued recovery have stimulated housing turnover by prospective buyers who are in a position to take advantage of affordable home prices," FNC said.
The company said July foreclosure sales had fallen to near pre-crisis levels.
"Foreclosure sales accounted for 12.2% of total home sales, down from 17.3% a year ago. The latest August median sales-to-list price ratio rose to 97.2, or a 2.8% listing price markdown among closed sales, up from 93.9, or the 6.1% listing price discount, from a year ago," the company said.