Report shows home prices stabilizing;  St Louis home prices in March increase almost 3 times national rate

dennis-norman-home-prices-realtor

A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in March 0.6 percent from the year before and increased by 0.6 percent from the month before.  Excluding distressed sales, month-over-month home prices increased for the third month in a row. If we take distressed sales out of the picture then the year-over-year home prices increased 0.9 percent.  According to the report, St. Louis home prices declined by 3.4 percent in March 2012 compared to March 2011. Excluding distressed sales, year-over-year prices increased by 1.7 percent in March 2012 compared to March 2011.

“This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices,” said Mark Fleming, chief economist for CoreLogic. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”

National Home Price Highlights as of March 2012 Report:

  • Including distressed sales, the five states with the highest appreciation were: Wyoming (+5.9 percent), West Virginia (+5.3 percent), Arizona (+5.1 percent), North Dakota (+4.7 percent) and Florida (+4.5 percent).
  • Including distressed sales, the five states with the greatest depreciation were: Delaware (-10.6 percent), Illinois (-8.3 percent), Alabama (-8.0 percent), Georgia (-7.3 percent) and Nevada (-5.8 percent).
  • Excluding distressed sales, the five states with the highest appreciation were: Idaho (+5.4 percent), North Dakota (+5.1 percent), South Carolina (+4.7 percent), Montana (+3.5 percent) and Kansas (+3.4 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-7.6 percent), Alabama (-4.1 percent), Nevada (-3.9 percent), Vermont (-3.9 percent) and Rhode Island (-2.9 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to March 2012) was -33.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.5 percent.
  • The five states with the largest peak-to-current declines including distressed transactions are Nevada (-59.9 percent), Arizona (-48.6 percent), Florida (-48.1 percent), Michigan (-45.1 percent) and California (-42.7 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 57 are showing year-over-year declines in March, eight fewer than in February.

*February 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.

March HPI for the Country’s Largest CBSAs by Population::

CBSA March 2012 12-Month HPI
Change by CBSA
Single-Family Single-Family Excluding Distressed
Chicago-Joliet-Naperville, IL -8.8% -2.7%
Atlanta-Sandy Springs-Marietta, GA -8.1% -2.1%
Riverside-San Bernardino-Ontario, CA -3.2% -1.2%
Los Angeles-Long Beach-Glendale, CA -2.4% 0.6%
Houston-Sugar Land-Baytown, TX 0.5% 4.1%
Washington-Arlington-Alexandria, DC-VA-MD-WV 0.7% 1.8%
Philadelphia, PA 0.7% 1.8%
Dallas-Plano-Irving, TX 1.1% 4.0%
New York-White Plains-Wayne, NY-NJ 2.0% 2.9%
Phoenix-Mesa-Glendale, AZ 7.7% 4.0%

Source: CoreLogic.

March State and National Ranking Based on HPI Including Distressed:

State March 2012 12-Month HPI
Change by State
Single-Family Combined Single-Family Combined Excluding Distressed
National -0.6% 0.9%
Delaware -10.6% -7.6%
Illinois -8.3% -2.6%
Alabama -8.0% -4.1%
Georgia -7.3% -2.4%
Nevada -5.8% -3.9%
Connecticut -5.6% -2.7%
New Hampshire -4.9% -2.1%
Vermont -4.8% -3.9%
Rhode Island -4.3% -2.9%
Wisconsin -4.2% -1.1%
New Mexico -4.0% -1.5%
Ohio -3.3% 0.5%
Missouri -2.9% 1.8%
Minnesota -2.5% -0.1%
Maine -2.5% 2.8%
Washington -2.3% 2.1%
California -2.0% 1.2%
Massachusetts -1.6% 2.0%
New Jersey -1.5% -1.6%
Oregon -1.2% -0.1%
Louisiana -1.2% 1.1%
Kentucky -0.6% -1.0%
Iowa -0.6% -0.2%
South Dakota -0.5% 3.2%
Hawaii -0.1% -0.9%
Maryland -0.1% 0.0%
North Carolina 0.2% 1.2%
Oklahoma 0.5% 0.1%
Tennessee 0.5% 1.8%
Indiana 0.6% 1.2%
Pennsylvania 0.9% 1.7%
Texas 0.9% 3.2%
Virginia 1.2% 2.4%
Nebraska 1.4% 0.0%
Arkansas 1.7% 0.6%
Alaska 1.7% 3.2%
Kansas 1.8% 3.4%
Utah 2.3% 3.4%
Michigan 2.4% -1.6%
New York 2.5% 2.4%
South Carolina 2.7% 4.7%
District of Columbia 2.8% 1.5%
Montana 2.8% 3.5%
Colorado 3.0% 2.9%
Mississippi 3.7% 3.3%
Idaho 4.3% 5.4%
Florida 4.5% 2.8%
North Dakota 4.7% 5.1%
Arizona 5.1% 1.4%
West Virginia 5.3% 0.3%
Wyoming 5.9% 2.8%

Source: CoreLogic.

Chart
Table 1

Table 2

 

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