Area home prices in October dip nearly 4%

Baton Rouge area home prices, including distressed sales, fell by 3.8% in October compared to the same month a year ago, according to a monthly home price index released today by CoreLogic. Excluding distressed sales—which include short sales and real estate–owned transactions—prices were unchanged. The decline comes on the heels of a 3.4% year-over-year decline in September, and a 2.7% decline in August, including distressed sales. Prices dropped more significantly in Baton Rouge than in the rest of Louisiana, but were slightly lower than the national average. The Pelican State posted a 2.5% decrease in prices including distressed sales, and a 0.9% increase when distressed sales were not factored in. Nationally, home prices dipped 3.9% on the month, including distressed properties, and were down 0.5% excluding them. According to the Greater Baton Rouge Association of Realtors, the average home sale price in October was $193,942, which was up from the $188,548 average in October 2010. However, GBRAR’s November figures show the average price dropped further to $173,362, which is down from a $208,124 average last November.