House Prices Rise in Youngstown-Warren-Boardman
IRVINE, Calif. – The prices of houses in the Youngstown-Warren-Boardman region was 2.3% higher in January compared with a year before. The increase includes distressed sales.
Statewide, prices rose 4.7% including distressed houses and 4.2% excluding them, according to the most recent CoreLogic report. In Pennsylvania, home prices jumped 3.6% including distressed homes and 3.7% without.
Distressed sales include short sales and real-estate-owned transactions.
House prices nationwide, including distressed sales, increased 12% in January compared to January 2013. This change represents 23 months of consecutive year-over-year increases in house prices nationally. M month-over-month, house prices nationwide, including distressed sales, increased by 0.9% in January compared to December 2013.
"Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," said Mark Fleming, chief economist for CoreLogic. "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."
Month-over-month, house prices, including distressed sales, increased 0.9% in January compared to December. Excluding distressed sales, year-over-year prices rose 3.8% versus January 2013. And month-over-month, excluding distressed sales, house prices were 1% higher in January than December 2013.
February house prices, including distressed sales, are projected to increase 12.5% year-over-year from February 2013. Month-over-month, house prices are expected to increase 0.7% in February than January. Excluding distressed sales, February house prices are poised to rise 10.4% year-over-year from February 2013 and be 1.1% higher than January.
Ninety-seven of the top 100 Core Based Statistical Areas as measured by population showed year-over-year increases in January. The three that did not were New Haven-Milford, Conn., Philadelphia and Rochester, N.Y.
Published by The Business Journal, Youngstown, Ohio.
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