By Patrick Anderson
PBN Staff Writer
PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford area fell 0.8 percent in September compared with the same period last year, CoreLogic said Monday.
The California-based real estate tracking firm also revised down its August sales prices for the Providence area to reflect a 2.1 percent drop in prices from August 2010. Previously Corelogic had reported a 1.5 percent year-over-year decline for August.
Price declines in the Providence area were driven by sales of distressed properties, such as foreclosures and short sales, CoreLogic said. Excluding sales of distressed properties, the Providence metropolitan area home prices increased 0.2 percent in September compared with last year.
In Rhode Island, CoreLogic reported single-family home prices fell 2.7 percent in September compared with a year earlier.
Nationally, September home prices declined 1.1 percent year-over-year, CoreLogic said.
"Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated,” said Mark Fleming, chief economist for CoreLogic.
“Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall," he said.