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U.S. home prices decline in September | Waccabuc NY Real Estate

“While prices on a month-over-month basis are declining, as expected in the housing off-season, most states are exhibiting price increases,” said Corelogic chief economist Mark Fleming. “Gains are particularly large in former housing-bubble states and energy-industry concentrated states.”

Capital Economics, a research firm, noted that Corelogic’s measure of house prices isn’t seasonally-adjusted, adding that the downturn is seasonal and should not be surprising.

“As the summer-buying season draws to a close, it’s normal for prices to weaken,” said Capital Economics economist Paul Diggle in a report. “This seasonal downturn is something we have been warning about for some time now and it should not come as a surprise.”

The report said that, including distressed sales, the five states with the highest home-price appreciation were: Arizona, Idaho, Nevada, Hawaii and Utah. The five states with the greatest home-price depreciation, also including distressed sales, were Rhode Island, Illinois, New Jersey, Alabama and Delaware.

The report comes after the S&P/Case-Shiller 20-city composite index for home prices posted a non-seasonally-adjusted 0.9% increase in August, following a 1.6% gain in July. There was monthly growth in all cities but Seattle, where prices ticked lower. Read about how home prices have hit nearly a 2-year peak

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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