CoreLogic Index Shows Housing Prices Rose 2.6% in December

IRVINE, Calif. — Home prices in the Youngstown-Warren-Boardman metropolitan area, including distressed sales, rose by 2.6% in December compared to a year earlier, CoreLogic reports. On a month-over-month basis, prices in December decreased by 2.8% from November.

Excluding distressed sales, year-over-year prices decreased by 0.1% in December from December 2013, according to CoreLogic’s Home Price Index. Excluding distressed sales, the index indicates home prices decreased on a month-over-month basis by 2.0% in December from November.

Nationally, the financial data firm reports that home prices in December, including distressed properties increased 5% from those a year earlier. Year-over-year home prices have increased for 34 consecutive months. Month-over-month, home prices nationwide, including distressed sales, fell by 0.1% compared to November, CoreLogic says.

Excluding distressed sales, home prices increased 4.9% in December 2014 compared to December 2013 and increased 0.1% compared to November 2014. Distressed sales include short sales and real estate owned transactions.

CoreLogic projects that home prices, including distressed sales, will increase 4.8% in 2015.

“For the full year of 2014, home prices increased 7.4%, down from an 11.1% increase in 2013,” said Sam Khater, deputy chief economist at CoreLogic. “Nationally, home price growth moderated and stabilized at 5% the last four months of the year.”

“Nationally, home price appreciation took a pause in November and December 2014 and we expect a slow start to 2015,” said Anand Nallathambi, president and CEO of CoreLogic. “As the year progresses, we expect upward pressure as low inventories and more first-time buyers drive up home prices.”

SOURCE: CoreLogic.

Published by The Business Journal, Youngstown, Ohio.

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