Home prices fell 2.5% in January from the prior month as weak demand for housing continues to "dampen any recovery in the housing market," according to a new report from CoreLogic.
Values have fallen for six straight months and are now down 5.7% compared to a year ago.
"Negative equity, which limits mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on house prices," said Mark Fleming, chief economist for CoreLogic.
Prices have fallen 4.6% since October, including a 1.2% decline from November to December. House prices normally decline during the winter months. (The firm's valuations are based on its housing price index, which includes distressed sales.)
"We are looking out for renewed demand in the coming months as the spring [home] buying season gets underway to hopefully reduce the downward pressure" on prices, Fleming said.
CoreLogic is based in Santa Ana, Calif.
