Home prices in the U.S. decreased 0.4% in August on a sequential basis, the first monthly decline in four months, according to new figures released by CoreLogic.
According to the firm's home price index, home values fell 4.4% year-over-year.
“Although the calendar says August, the end of the summer traditionally marks the beginning of 'fall' for the housing market as it begins to prepare for 'winter.' So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory,” said CoreLogic chief economist Mark Fleming. “The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength.”
Excluding distressed sales, year-over-year home prices declined by 0.7% in August 2011 compared to August of last year. Distressed sales include short sales and real estate owned (REO) transactions.
The five states with the highest appreciation were: West Virginia (+8.6%), Wyoming (+3.6%), North Dakota (+3.5%), New York (+3.2%), and Alaska (+2.2%). These gains include distressed sales.
States where values fell the most – and where distressed sales are factored in – include: Nevada (-12.4%), Arizona (-10.7%), Illinois (-9.6%), Minnesota (-7.8%), and Georgia (-7.2%).
Of the top 100 core metro areas measured by population, 80 are showing year-over-year declines in August, eight fewer than in July.
