CoreLogic: Baltimore-area price drops are the smallest in a year
Single-family home prices in the Baltimore region were 3.8 percent lower in July than they had been a year earlier, the smallest decline since last summer, real estate data firm CoreLogic says.
The year-over-year loss in prices ranged from a little over 4 percent to a little over 6 percent from August 2010 through June of this year, according to CoreLogic. And even those are less dramatic than the price drops in 2009 -- in July 2009, for example, single-family values fell 9 percent. (The company analyzes both detached and attached single-family homes.)
Nationally, CoreLogic said, single-family home prices declined 5.2 percent over the year. That's down a bit compared with the past several months. Subtract out short sales and foreclosures, and U.S. home prices were a lot closer to steady, down about half a percent.
Non-distress sales in the Baltimore area also showed a smaller drop, but it wasn't as big of a difference -- down 2.8 percent rather than the overall 3.8 percent decline.
So: trend or temporary?
CoreLogic, for its part, thinks the near future doesn't look good for price stability -- even though the very recent past, July vs. June, showed a small gain in prices nationwide.
"While July's numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer," Mark Fleming, chief economist for CoreLogic, said in a statement. "At that point, the month-over-month growth will most likely turn negative. The slowdown in economic growth and increased uncertainty caused by the recent stock market volatility will continue to exert downward pressure on prices."
What are you seeing out there?