House Prices in Metro Area Rise 5.2%
IRVINE, Calif. -- House prices in the Youngstown-Warren-Boardman area, including distressed sales, increased by 5.2% in September compared to September 2012. Compared to August, however, house prices, including distressed sales, were 0.1% lower.
Prices nationwide, including distressed sales, increased 12% year-over-year in September compared the same month a year ago, says the latest report from CoreLogic. This change represents the 19th consecutive monthly year-over-year increase in house prices nationally. From August to September, such prices, including distressed sales, rose 0.2%.
Distressed sales include short sales and lender real-estate-owned transactions.
Excluding distressed sales, year-over-year prices nationwide rose 8.2% compared with September 2012. September house prices, excluding distressed sales, fell 0.7% from August.
Excluding distressed sales, house prices rose 10.8% year-over-year compared to September 2012. Prices, excluding distressed sales, were 0.3% higher than August’s.
When data are compiled, October 2013 house prices, including distressed sales, are expected to show a 12.5% rise compared to October 2012 and be 0.1% higher than September, the report says. Excluding distressed sales, October house prices are expected to be 11.2% higher than October 2012 and by 0.1% higher than September 2013. "September marked the unofficial five-year anniversary of the start of the housing crisis," said Mark Fleming, chief economist for CoreLogic. "The five-year home price appreciation for all homes in the nation was 3.4%. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008."
"U.S. home prices continued their ascent in September -- average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks," added Anand Nallathambi, president and CEO of CoreLogic. "We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer-term."
Among the highlights of the September data:
- Including distressed sales, the five states with the highest house price appreciation were Nevada (+25.3%), California (+22.5%), Arizona (+14.6%), Georgia (+14.4%) and Michigan (+13.9%).
- Including distressed sales, no states posted house price depreciation.
- Excluding distressed sales, the five states with the highest house price appreciation were Nevada (+22.4%), California (+18.9%), Utah (+13.2%), Arizona (+12.6%) and Florida (+12.6%).
- Excluding distressed sales, no states posted house price depreciation.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to September 2013) was -17.4%. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.1%.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-41.4%), Florida (-37.7%), Arizona (-32.1%), Rhode Island (-28.3%) and West Virginia (-26.5%).
All of the top 100 Core Based Statistical Areas measured by population showed year-over-year increases.
Published by The Business Journal, Youngstown, Ohio.
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