Home prices across the country were flat in July but not in Arizona, where values continue to decline.
According to the monthly CoreLogic Home Price Index, prices in the U.S. remained flat in July as transaction volumes declined. It was the first time in five months that no year-over-year gains were reported.
When excluding distressed sales (foreclosures and short sales), Arizona showed the third largest home price decline of any state. Values in Arizona were down 5.6 percent from July 2009 to July 2010. Only Idaho (-9.9 percent) and Michigan (-6.7 percent) had steeper declines.
Thirty-six states experienced price declines in July on a year-over-year basis. That™s twice the number in May and the highest number since November, when prices nationally were still declining.
œAlthough home prices were flat nationally on a year-over-year basis, the majority of states experienced price declines and price declines are spreading across more geographies relative to a few months ago. Home prices fell in 36 states in July on a year-over-year basis, nearly twice the number in May and the highest since last November when national home prices were declining, said Mark Fleming, chief economist for CoreLogic, in a news release.
Phoenix Business Journal – Wednesday, September 15, 2010, 10:02am