U.S. Homes Prices Decline in October for Third Month: CoreLogic

U.S. home prices fell 1.3 percent in October compared to the previous month, the third consecutive month of declines, according to CoreLogic.

Overall home prices, including distressed sales, declined 3.9 percent compared to the previous year. Excluding distressed sales, prices declined 0.5 percent in October, compared to the previous year.

September home prices declined 1.1 percent from August, and fell 4.1 percent from the previous year.

Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013,” said Mark Fleming, chief economist for CoreLogic, in a statement.

Nevada had the sharpest price decline of 12.1 percent in October, followed by Illinois with 9.4 percent, Arizona with 8.1 percent, Minnesota with 7.9 percent and Georgia with 7.3 percent.

The states with the highest increase in home value were West Virginia at 4.8 percent, South Dakota at 3.1 percent, New York at 3 percent, the District of Columbia with 2.4 percent and Alaska with 2.1 percent.

A total of 78 of the 100 statistical areas measured had year-over-year declines, down from 80 areas with declines in September. Home prices previously fell in 74 percent of the cities tracked by the National Association of Realtors.

The CoreLogic report follows a 3.9 percent decline in the most recent Case-Shiller Housing Index.