Home prices in the fell for the sixth month in a row in January, declining 5.7% year-over-year, according to CoreLogic’s monthly U.S. Home Price Index (HPI).
The January decline follows a 4.7% year-over-year decline seen in the index’s December data. The most recent data shows continued downward pressure on home sales, says CoreLogic.
“A number of factors continue to dampen any recovery in the housing market,” said Mark Fleming, chief economist with CoreLogic. “Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”
In terms of regional data, the five states with the greatest appreciation were West Virginia (+5.5%), North Dakota (+3.3%), New York (+1.9%), Hawaii (+0.7%) and Wyoming (+0.2%). The states with the most depreciated sales figures in January were Idaho (-15.7%), Alabama (-12.1%), Arizona (-11%), Oregon (-9.9%) and Utah (-9.8%).
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Written by Elizabeth Ecker
