House Prices in Youngstown, Warren Region on Upswing

IRVINE, Calif. -- The prices of houses in the Youngstown-Warren-Boardman area rose 7.4% in July compared with July 2013, CoreLogic announced Tuesday. Month-over-month, the prices rose 2.7% compared to June.

The figures include distressed sales. Distressed sales include short sales and real estate owned transactions.

Excluding distressed sales, year-over-year home prices in the region increased 2.1% in July compared to a year ago. Month-over-month, excluding distressed sales, house prices increased 2.8%.

House prices nationwide, including distressed sales, rose 7.4%. This represents 29 months of consecutive year-over-year increases. Month over month, prices nationwide rose 1.2% in July compared to June.

At the state level, including distressed sales, only Arkansas posted a decline in July with 0.9% depreciation. Eleven states plus the District of Columbia reached new highs in the CoreLogic Index that began in January 1976. These states are Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Vermont.

Excluding distressed sales, house prices nationally went up 6.8% in July compared to July 2013 and 1.1% month over month compared to June. Also excluding distressed sales, all 50 states and the District of Columbia showed year-over-year price appreciation in July.

CoreLogic forecasts that the price of houses, including distressed sales, will rise 0.6% month over month from July to August and, year over year, by 5.7% from July to July 2015. Excluding distressed sales, prices are expected to rise 0.5% from July to August and by 5.2% between last July and July 2015.

Published by The Business Journal, Youngstown, Ohio.
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