Price of Houses Rises in the Mahoning Valley
YOUNGSTOWN, Ohio -- House prices in the Youngstown-Warren-Boardman area were 5% higher in July than in July 2012, the latest CoreLogic Home Price Index reports. House prices rose by 0.3 % in July compared to June.
Excluding distressed sales, year-over-year prices increased 8.2% in July compared to July 2012 in the metro region, CoreLogic says. Distressed sales include short sales and the sale of repossess real estate.
The price of house nationwide, including distressed sales, increased 12.4% between July 2012 and last July. This statistic represents the 17th consecutive monthly year-over-year increase in housing prices nationally. Including distressed sales, the price of houses was 1.8% higher in July than June.
Excluding distressed sales, house prices were 11.4% higher in July than July 2012. And excluding distressed sales, house prices increased 1.7% in July from June.
The CoreLogic Pending Index indicates that housing prices in August, including distressed sales, should have risen 12.3% since August 2012 and be 0.4% higher than July when the data are collected and analyzed. Excluding distressed sales, house prices for August are poised to rise 12.2% from August 2012 and be 1.2% higher than July.
"Home prices continued to surge in July," said Mark Fleming, chief economist for CoreLogic, a market analysis company based in Irvine, Calif. "Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand."
"Home prices continue to climb across the nation in July with markets hit hardest during the downturn leading the way," added Anand Nallathambi, president and CEO of CoreLogic, in a prepared statement. "Nationally, home prices are now within 18% of their peak levels reached in April of 2006."
July highlights of the index:
- Including distressed sales, the five states with the highest house price appreciation were Nevada, +27%, California, +23.2%, Arizona, +17%, Wyoming, +16.4%, and Oregon, +15%.
- Including distressed sales, this month only one state posted a deline in the price of houses sold, Delaware at -1.3%.
Excluding distressed sales, the five states with the highest house price appreciation were Nevada, +24.2%, California, +20.2%, Arizona, +14.9%, Utah, +13.5%, and Florida,+13.5%. Excluding distressed sales, no state saw its price of houses fall in July.
Including distressed transactions, the peak-to-current change in the national index (April 2006 to July 2013) was -17.6%. Excluding distressed transactions, the peak-to-current change for the same period was -12.9%.
Published by The Business Journal, Youngstown, Ohio.
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