Home prices rose 9 percent year-over-year for the first quarter of this year, according to FNC, Inc.'s Residential Price Index, which measures sales activity for non-distressed homes in the 100 largest metros in the country. On a monthly basis, prices rose 0.6 percent in March.
On an annual basis, Western states continue to lead the nation with drastic price gains. FNC reported a 40 percent rise in prices in the sand states over the past two years.
On the other hand, the Midwest has experienced very little price relief since the start of the recovery, according to FNC.
In the FNC 30-MSA Composite, Sacramento, California (26.8 percent); Riverside, California (21.8 percent); and Las Vegas (21.3 percent) posted the greatest price increases over the year in March.
Only two of the 30 cities posted price declines year-over-year in March: St. Louis (-0.5 percent) and Cleveland (-2.9 percent).
In addition to rising prices among non-distressed homes, FNC reported declining foreclosure sales and smaller discounts in asking prices. Foreclosure sales made up 12.6 percent of sales in April, down from 13.4 percent in March, according to FNC.
Additionally, asking price discounts in April averaged 2.0 percent, down from 2.6 percent in March.
Non-distressed sales are rising "moderately," according to FNC.