July home prices were unchanged from last year, the first time since February that prices have not increased from 2009, according to the CoreLogic Home Price Index (HPI). While national home prices were unchanged after a 2.4% gain in June, prices on the state level are starting to spread. Mark Fleming, the chief economist at CoreLogic reported home prices fell in 36 states in July, twice the number in May and the highest since last November. “Although home prices were flat nationally, the majority of states experienced price declines and price declines are spreading across more geographies relative to a few months ago,” Fleming said. Idaho home prices dropped 12.6% from a year ago, the steepest decline of any state. Prices in Alabama dropped 9.7%, and 5.6% in Utah. Prices did appreciate 4.5% in Maine, the highest appreciation in the country. South Dakota home prices increased 4.3%, and 3.7% in California. National home prices have fallen 27.7% from its peak in April 2006. Clear Capital, another analytics firm, reported last week that home prices would slow the growth seen leading up to the homebuyer tax credit expiration and begin to contract well into 2011. Write to Jon Prior.
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