Home prices across the U.S. dropped 0.8% in February from the month before, the seventh consecutive monthly decline, according to the CoreLogic (CLGx) home price index, which showed strength in nondistressed home prices.
Prices decreased 2% compared to February 2011, according to figures that include distressed home sales, including short sales and REO transactions.
When excluding distressed home sales, home prices rose 0.7% in February over January and declined 0.8% from February 2011.
CoreLogic noted some signs of price stabilization throughout the market.
“The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months,” said Anand Nallathambi, president and CEO of CoreLogic.
“In fact, nondistressed home sale prices, which represent two-thirds of all sales, have appreciated by just over 1% since the beginning of the year.”
Santa Ana, Calif.-based CoreLogic noted that when looking at prices without distressed sales factored in, the real estate market is seeing modest signs of price appreciation month over month.
“House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again,” said Mark Fleming, chief economist for CoreLogic. “Excluding distressed sales, we already see modest price appreciation month over month in January and February.”