Capital Region home prices wobble in February
Including distressed sales, home prices in Baton Rouge fell 3.1% in February compared to the month a year ago, according to a report from CoreLogic released this morning. Excluding distressed sales—or real estate–owned and pre-foreclosure short sales—prices in Baton Rouge slipped just 1% year-over-year. That places the Capital Region in line with 67 of the country's largest 100 metros, which also saw price declines in February. However, Baton Rouge's declines were more modest than most of them. Louisiana average home prices fell by 3.2% when distressed sales were factored in, but rose 2% when they were excluded. National home prices fell by 2% on average in February including distressed sales, and by 0.8% excluding them. More states that took the brunt of the housing bust during the recession are beginning to see more modest price drops, says CoreLogic Chief Economist Mark Fleming, and some are even beginning to see prices rise again. "The deceleration in the pace of decline is a first step toward ultimately growing again," he says in a prepared release. "The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months." You can see more detailed information from today's CoreLogic report here.
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