real estate

State home prices fall 4.3% in March

SINGLE-FAMILY home prices in Rhode Island fell 4.3 percent in March compared with the same period in 2011. For a larger version of this map, click HERE.
Posted 5/8/12

SANTA ANA, Calif. – Single-family home prices in Rhode Island fell 4.3 percent in March compared with the same period in 2011, CoreLogic said Tuesday.

Excluding distressed sales, Rhode Island prices declined 2.9 percent year over year in March, as measured by the real estate tracking firm’s Home Price Index.

Nationally, Rhode Island had the fifth largest depreciation excluding distressed sales during the 12-month period.

The Ocean State fared better than Delaware, Alabama, Nevada and Vermont, where prices fell 7.6 percent, 4.1 percent, 3.9 percent and 3.9 percent, respectively.

Massachusetts home prices fell 1.6 percent year over year in March. Excluding distressed sales, Bay State home prices rose 2 percent year over year in March.

Nationally, home prices declined 0.6 percent in March compared to the same period in 2011. Year-over-year prices, excluding distressed sales, rose 0.9 percent in March compared to the same period last year.

On a month-over-month basis, home prices across the U.S. increased by 0.6 percent in March 2012 compared to February. This marked the first month-over-month increase since July 2011.

“This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices,” said Mark Fleming, chief economist for CoreLogic, in prepared remarks.

For the full report, click HERE.

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