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