Prices of Houses Drop in Youngstown-Warren Area
IRVINE, Calif. -- In Youngstown-Warren-Boardman area, house prices, including distressed sales, declined 1.4% in November 2013 compared to November 2012. On a month-over-month basis, house prices, including distressed sales, fell 2.7% during the period.
Distressed sales include short sales and real-estate owned transactions.
Excluding distressed sales, year-over-year prices declined 1.5% during the period, the most recent CoreLogic Home Price Index says. Month-over-month, excluding distressed sales, the Index indicates house prices were 3.4% lower.
For the state of Ohio, the price of a single-family residence, including distressed houses, was down 2.7%. Excluding distressed real estate, the price dropped 3.9%.
Nationwide, excluding distressed sales, house prices increased 0.3% month over month. Year-over-year, prices, excluding distressed sales, rose 10.4%.
Preliminary data indicates that December 2013 house prices, including distressed sales, should dip 0.1% month over month to December 2013 from November, with a projected increase of 11.5% year-over-year from December 2012. Excluding distressed sales, December 2013 house prices are poised to rise 0.2% month over month from November 2013 and 10.6% year over year from December 2012.
"The housing market paused as expected in November for the holiday season with very low month-over-month appreciation," said Mark Fleming, CoreLogic chief economist. "Year-over-year home prices are up an impressive 11.8%. Our pending HPI projects that home prices will grow by 11.5% for the full year 2013. That will make 2013 the best year for home-price appreciation since 2005."
Published by The Business Journal, Youngstown, Ohio.
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