National home prices fell 2 per cent year-over-year in February, and declined 0.8 per cent from the previous month according to the latest report from CoreLogic. This would be the seventh straight monthly decline.
Excluding distressed sales (pre-foreclosure sales and real estate owned transactions), home prices fell 0.8 per cent year-over-year in February, but climbed 0.7 per cent month-over-month.
Improving sales activity and tightening inventories have been seen as a sign that prices will continue to stabilise. Mark Fleming chief economist for CoreLogic said, “House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again. Excluding distressed sales, we already see modest price appreciation month over month in January and February.”
Here are the five states with the highest appreciation in overall national home prices in February 2012. These numbers reflect distresses sales as well:
- West Virginia: +8.6%
- Michigan: +5.8%
- Florida: +4.7%
- Arizona: +4.5%
- South Dakota: +4.1%
And the five states with the greatest depreciation in overall national home prices (including distressed sales) in February 2012:
- Delaware: -11.2%
- Connecticut: -7.9%
- Rhode Island: -7.8%
- Illinois: -7.1%
- Georgia: -6.6%