House Prices in Up the Mahoning Valley
SANTA ANA, Calif. -- House prices nationwide, including distressed sales, increased year-over-year by 5% in September compared to September 2011. In the Youngstown-Warren-Boardman area, the increase was 2.2%.
This nationwide change represents the biggest increase since July 2006 and the seventh consecutive increase in house prices nationally year-over-year, according to the September Home Price Index from CoreLogic. Month-over-month, including distressed sales, house prices fell 0.3% in September compared to August. In fact, all but seven states are experiencing year-over-year price gains.
In Youngstown-Warren-Boardman, house prices, including distressed sales, rose 2.2% September year over year. Month-over-month, house prices, including distressed sales, fell 1.6% in September compared to August.
Distressed sales include short sales and real estate owned transactions.
Excluding distressed sales, nationwide year-over-year prices rose 1.7% in September compared to September 2011 and rose 0.7% in August compared to the previous August. Month-over-month, excluding distressed sales, house prices stayed the same in September compared to August.
Excluding distressed sales, house prices nationwide also increased on year-over-year by 5% in September compared to September 2011. Month-over-month, excluding distressed sales, house prices rose 0.5% in September compared to August, the seventh consecutive month-over-month increase.
October house prices, including distressed sales, are expected to rise by 5.7% year-over-year from October 2011 and fall by 0.5% month-over-month from September as sales exhibit a seasonal slowdown going into the winter. Excluding distressed sales, October house prices are poised to rise 6.3% year-over-year from October 2011 and by 0.2 % month-over-month from September. The CoreLogic Pending index is based on Multiple Listing Servicedata that measure price changes for the most recent month.
Among the September highlights:
- Including distressed sales, the five states with the highest appreciation in house price were Arizona (+18.7%), Idaho (+13.1%), Nevada (+11%), Hawaii (+8.9%) and Utah (+8.7%). Appreciation in Ohio and Pennsylvania are 0.9% and 0.7%, respectively.
- Including distressed sales, the five states with the greatest house price depreciation were: Rhode Island (-3.5%), Illinois (-2.3%), New Jersey (-1.8%), Alabama (-1.3%) and Delaware (-0.5%).
- Excluding distressed sales, the five states with the greatest appreciation in housing prices were Arizona (+14%), Idaho (+10.5%), Nevada (+9.5%), Montana (+8.5%) and California (+8.4%).
- Excluding distressed sales, only four states posted depreciation in house price: Alabama (-3.1%), New Jersey (-1.6%), Delaware (-1.4%) and Rhode Island (-1.3%).
- Of the top 100 Core Based Statistical Areas measured by population, 18 are showing year-over-year declines in September, nine fewer than in August.
Published by The Business Journal, Youngstown, Ohio.