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Home Prices Rise in Youngstown-Warren-Boardman
IRVINE, Calif. – The prices of residences in the Youngstown-Warren-Boardman area rose 11.7% in January compared with January 2012. The increase includes distressed sales.
On a month-over-month basis, housing prices, including distressed sales, fell 1.5% in January compared to December 2012, according to the latest CoreLogic Home Price Index. Excluding distressed sales, year-over-year prices rose 8.8% in January compared to January 2012. Month-over-month, excluding distressed sales, home prices increased by 0.3 % in January compared to December.
Distressed sales include short sales and sales of repossessed residences.
Nationwide, house prices, including distressed sales, increased year-over-year by 9.7% in January. This change represents the biggest increase since April 2006 and the 11th consecutive monthly increase in home prices nationally. Month-over-month, including distressed sales, home prices rose 0.7% in January compared to December. The analysis shows that all but two states, Delaware and Illinois, are experiencing year-over-year price gains.
Excluding distressed sales, house prices rose year-over-year 9% in January compared to January 2012. Month-over-month, excluding distressed sales, house prices rose 1.8% in January compared to December.
February house prices, including distressed sales, are expected to rise 9.7% year-over-year from February 2012 and fall 0.3% month-over-month from January, reflecting a seasonal slowdown. Excluding distressed sales, February house prices are poised to rise 11.3% year over year from February 2012 and by 1.8% month over month from January.
"The Housing Price Index showed strong growth during the typically slow winter season," said Mark Fleming, chief economist for CoreLogic. "With these gains, the housing market is poised to enter the spring selling season on sound footing."
Highlights as of January:
- Including distressed sales, the five states with the highest house price appreciation were: Arizona (+20.1%), Nevada (+17.4%), Idaho (+14.9%), California (+14.1%) and Hawaii (+14%).
- Including distressed sales, only two states posted price depreciation: Illinois (-0.4%) and Delaware (-0.1%).
- Excluding distressed sales, no states posted home price depreciation in January.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January was -26.4%. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -19.9%.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-51.6%), Florida (-43%), Arizona (-38.9%), Michigan (-37.4%) and Rhode Island (-35.5%).
- Of the top 100 Core Based Statistical Areas measured by population, 92 are showing year-over-year increases in January, up from 87 in December.
Published by The Business Journal, Youngstown, Ohio.
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