CoreLogic Finds House Prices Drop in Region

IRVINE, Calif. — House prices in the Youngstown-Warren-Boardman area were 1.9% lower in September than September 2014, CoreLogic reports. When distressed sales are included, the prices rose 0.1%.

The findings from the financial data company differ from September sales numbers for three counties in Ohio as compiled by the Youngstown Columbiana Association of Realtors and the Warren Area Board of Realtors.

Distressed sales include those in foreclosure, are being sold by the original lender or by homeowners who owe more than the residence can command on the market.

In Ohio, year-over-year prices for single-family houses increased 4% in September. Prices climbed 2.2% in Pennsylvania.

House prices nationwide, including distressed sales, were 6.4% higher in September than the previous September and 0.6% than August 2015. Prices could, however, dip slightly month over month from September to October.

“After nearly 10 years of very high home price volatility, home price increases have been remarkably stable for the last 15 months, ranging between a 4.8% and 6.5% year-over-year increase,” said Sam Khater, deputy chief economist for CoreLogic, in a prepared statement. “Home price volatility is now back to the long-term trend prior to the boom and bust, which is a good barometer of the market’s stability and health.”

“The continued growth in home prices is welcome news for many homeowners but more markets are becoming overvalued,” added Anand Nallathambi, president and CEO of CoreLogic. “In the near term, this trend is likely to continue and pose evaluated risks to the housing economy. More has to be done to expand inventories if we are going to address the emerging affordability crisis, especially in hot markets like California and Colorado.”

Copyright 2022 The Business Journal, Youngstown, Ohio.