The Real Deal New York

U.S. home prices decrease marginally, NY-metro prices increase

December 06, 2011 01:47PM

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Home prices in the U.S. decreased by 1.3 percent in October, in their third straight month-over-month decline, according to data released today by real estate analytics provider CoreLogic.

Prices of existing single-family homes, also declined, by 3.9 percent year-over-year, an increase from September’s year-over-year decline of 3.8 percent.. The year-over-year decline was 0.5 percent when excluding distressed sales.

However, in the New York-White Plains-Wayne, N.J. area, home prices increased by 2.6 percent year-over-year in October, including distressed sales. The decline was a greater 3.6 percent when distressed sales were excluded.

“Home prices continue to decline in response to the weak demand for housing … prices continue to correct for a supply and demand imbalance,” said Mark Fleming, chief economist for CoreLogic. “Looking forward, our forecasts indicate flat growth through 2013.” – Guelda Voien

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