National home prices drop for fifth consecutive year in 2011

In New York, prices saw minimal increases
February 02, 2012 12:00PM

Nationwide home prices fell by 4.7 percent nationally in 2011, decreasing for the fifth consecutive year, according to data from CoreLogic covering last year, released today.

The impact of distressed property sales on home prices was deeply felt; CoreLogic’s home price index, excluding distressed sales, shows that home prices decreased by only 0.9 percent. On a monthly basis, the index without distressed sales even posted its first month-over-month gain since July 2011, rising 0.2 percent, the data indicate.

“While overall prices declined by almost 5 percent in 2011, non-distressed prices showed only a small decrease,” said Mark Fleming, chief economist for CoreLogic. “Until distressed sales in the market recede, we will see continued downward pressure on prices.”

In New York-White Plains-Wayne, home prices, including distressed sales, increased by 0.4 percent in December 2011 compared to December 2010 and increased by 0.7 percent in November 2011 compared to November 2010.

Excluding distressed sales, year-over-year prices increased by 1.4 percent in December 2011 and increased by 0.8 percent in November 2011.

Florida was one of the five states with the largest peak-to-current declines, including distressed transactions, with a drop of 0.5 percent. — Katherine Clarke