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St Louis home prices fall in May in contrast to U.S. home prices that were on the rise

dennis-norman-home-prices-realtor

A report released today by CoreLogic, one of the nations leading providers of property information, shows that U.S. home prices increased in May by 2.0percent from the year before and increased by 1.8 percent from the month before marking the third-consecutive month U.S. home prices have increased on both a year-over-year as well as month-over-month basis.  St. Louis home prices, on the other hand, moved opposite the U.S. trend with St. Louis home prices decreasing in May by 2.2 percent from the year before and St. Louis home prices in May decreased 1.7 percent from April, according to the report.

“Home price appreciation in the lower-priced segment of the market is rebounding more quickly than in the upper end,” said Mark Fleming, chief economist for CoreLogic. “Home prices below 75 percent of the national median increased 5.7 percent from a year ago, compared to only a 1.8 percent increase for prices 125 percent or more of the median.”

National Home Price Highlights as of May 2012 Report:

  • Including distressed sales, the five states with the highest appreciation were: Arizona (+12.0 percent), Idaho (+9.2 percent), South Dakota (+8.7 percent), Montana (+8.2 percent) and Michigan (+7.9 percent).
  • Including distressed sales, the five states with the greatest depreciation were: Delaware (-9.0 percent), Rhode Island (-4.4 percent), Illinois (-4.2 percent), Alabama (-4.1 percent) and Georgia (-4.0 percent).
  • Excluding distressed sales, the five states with the highest appreciation were: Montana (+9.1 percent), South Dakota (+8.5 percent), Arizona (+7.3 percent), Idaho (+6.6 percent) and Wyoming (+6.6 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-7.8 percent), Rhode Island (-3.8 percent), Alabama (-2.8 percent), Connecticut (-2.2 percent) and Kentucky (-1.2 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to May 2012) was -30.1 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -22.2 percent.
  • The five states with the largest peak-to-current declines including distressed transactions are Nevada (-57.7 percent), Florida (-45.6 percent), Arizona (-45.0 percent), Michigan (-40.5 percent) and California (-39.7 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 29 are showing year-over-year declines in May, 12 fewer than in April.

*April data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

May HPI for the Country’s Largest CBSAs by Population (Ranked by Single-Family Including Distressed Sales):

CBSA May 2012 12-Month HPI
Change by CBSA
Single-Family Including Distressed Single-Family Excluding Distressed
Phoenix-Mesa-Glendale, AZ 14.7% 10.0%
Houston-Sugar Land-Baytown, TX 3.5% 4.8%
Washington-Arlington-Alexandria, DC-VA-MD-WV 2.8% 2.9%
Dallas-Plano-Irving, TX 2.6% 4.8%
Philadelphia, PA 2.0% 2.7%
New York-White Plains-Wayne, NY-NJ 1.8% 1.8%
Los Angeles-Long Beach-Glendale, CA 0.9% 2.4%
Riverside-San Bernardino-Ontario, CA -0.2% 1.5%
Chicago-Joliet-Naperville, IL -4.1% 1.6%
Atlanta-Sandy Springs-Marietta, GA -4.5% 1.4%

Source: CoreLogic.

May HPI State and National Ranking (By HPI Single-Family Including Distressed Sales):

State May 2012 12-Month HPI
Change by State
Single-Family Including Distressed Single-Family Combined Excluding Distressed
National 2.0% 2.7%
Arizona 12.0% 7.3%
Idaho 9.2% 6.6%
South Dakota 8.7% 8.5%
Montana 8.2% 9.1%
Michigan 7.9% 2.6%
West Virginia 7.5% 1.5%
Wyoming 7.1% 6.6%
District of Columbia 6.7% 5.3%
Utah 5.7% 5.9%
Colorado 5.7% 4.6%
South Carolina 5.2% 5.3%
North Dakota 5.1% 5.1%
Florida 5.1% 3.1%
Mississippi 4.4% 5.3%
Alaska 4.2% 4.2%
New York 3.7% 3.3%
Texas 3.2% 4.1%
Oregon 3.1% 2.8%
Virginia 2.9% 3.0%
Louisiana 2.6% 5.8%
Arkansas 2.4% 1.3%
California 1.8% 4.0%
Pennsylvania 1.8% 2.3%
Hawaii 1.7% 0.8%
Indiana 1.6% 1.9%
Tennessee 1.4% 2.6%
Maryland 1.4% 0.7%
Washington 1.2% 3.4%
North Carolina 1.2% 1.1%
Massachusetts 1.1% 3.0%
Nebraska 1.0% 1.6%
Maine 0.9% 2.8%
Minnesota 0.4% 1.7%
New Mexico 0.1% 3.1%
New Jersey 0.1% -0.6%
Kansas 0.0% 1.5%
Oklahoma 0.0% 0.5%
Nevada -0.2% 2.6%
New Hampshire -0.8% 0.6%
Iowa -0.8% -0.8%
Ohio -1.0% 1.3%
Vermont -1.0% 0.9%
Missouri -1.2% 1.0%
Kentucky -1.2% -1.2%
Wisconsin -1.8% -1.1%
Connecticut -2.9% -2.2%
Georgia -4.0% 1.2%
Alabama -4.1% -2.8%
Illinois -4.2% 0.6%
Rhode Island -4.4% -3.8%
Delaware -9.0% -7.8%

Source: CoreLogic.

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