Home prices fell in 36 states during the three months ending in February, while 28 states saw year-over-year price declines, according to a house-price index compiled by First American CoreLogic.
The LoanPerformance House Price Index showed that three-month declines in the New York-White Plains, Philadelphia, Seattle, Detroit and Portland markets were steeper than the 12-month declines in these areas. In California and Florida, the pattern is reversed.
The LoanPerformance HPI relies on repeat sales transactions representing more than 45 million observations from First American CoreLogic’s information database.
Another monthly index released today by the Office of Federal Housing Enterprise Oversight (OFHEO) found that nationwide, home prices rose about 0.6 percent on a seasonally adjusted basis between January and February. Prices were up in seven of nine Census tracts, with prices falling in only the Mountain and South Atlantic tracts.
OFHEO’s index relies on data collected when mortgages are purchased or guaranteed by Fannie Mae and Freddie Mac. Sales volumes rose in states with stronger housing markets, which significantly increased estimated appreciation above what it would have been in the absence of such effects, OFHEO said. Holding the weights for each state constant, the national increase would have been only 0.3 percent in February.
For the 12 months ending in February, home prices tracked by OFHEO’s price index fell 2.4 percent. The OFHEO index is down 3.1 percent from its peak in April, 2007.
Seasonally adjusted monthly price changes from January to February ranged from -0.6 percent in the Mountain Census Division to 2.2 percent in the New England Division.
In a press release, First American CoreLogic provided price change statistics for 34 statistical areas.
Change in median home price for 34 markets
|
Statistical area |
3-month change |
Annual change |
|
Riverside-San Bernardino-Ontario, Calif. |
-6.74% |
-21.28% |
|
Los Angeles-Long Beach-Glendale, Calif. |
-7.20% |
-18.67% |
|
Cape Coral-Fort Myers, Fla. |
-5.68% |
-18.08% |
|
Oakland-Fremont-Hayward, Calif. |
-7.11% |
-17.94% |
|
San Diego-Carlsbad-San Marcos, Calif. |
-6.61% |
-17.38% |
|
Fort Lauderdale-Pompano Beach, Fla. |
-6.40% |
-17.03% |
|
Las Vegas-Paradise, Nev. |
-5.04% |
-16.69% |
|
Phoenix-Mesa-Scottsdale, Ariz. |
-6.36% |
-16.42% |
|
Orlando-Kissimmee, Fla. |
-5.54% |
-15.38% |
|
Tampa-St. Petersburg-Clearwater, Fla. |
-6.69% |
-15.33% |
|
Miami-Miami Beach-Kendall, Fla. |
-5.92% |
-14.06% |
|
San Francisco-San Mateo, Calif. |
-6.25% |
-11.12% |
|
Washington, D.C.-Arlington, Va. |
-3.18% |
-10.80% |
|
Cleveland-Elyria-Mentor, Ohio |
-7.28% |
-9.61% |
|
Boston-Quincy, Mass. |
-5.02% |
-9.32% |
|
Minneapolis-St. Paul, Minn. |
-4.62% |
-8.98% |
|
Denver-Aurora, Colo. |
-5.52% |
-7.31% |
|
Atlanta-Sandy Springs-Marietta, Ga. |
-4.34% |
-6.62% |
|
Chicago-Naperville-Joliet, Ill. |
-4.52% |
-6.60% |
|
Detroit-Livonia-Dearborn, Mich. |
-6.46% |
-5.08% |
|
Edison, N.J. |
-1.36% |
-4.67% |
|
New York, N.Y.-White Plains, N.J. |
-0.80% |
-3.34% |
|
Seattle-Bellevue-Everett, Wash. |
-2.59% |
-3.18% |
|
St. Louis, Mo.-Ill. |
-4.43% |
-3.05% |
|
Portland-Vancouver-Beaverton, Ore.-Wash. |
3.23% |
-2.84% |
|
Philadelphia, Pa. |
-1.47% |
-1.14% |
|
Charlotte-Gastonia-Concord, N.C.-S.C. |
-3.23% |
1.09% |
|
Raleigh-Cary, N.C. |
-2.25% |
1.16% |
|
Houston-Sugar Land-Baytown, Texas |
0.27% |
3.03% |
|
Dallas-Plano-Irving, Texas |
-0.06% |
3.71% |
|
San Antonio, Texas |
0.35% |
5.58% |
|
Austin-Round Rock, Texas |
0.10% |
6.22% |
|
Salt Lake City, Utah |
-0.47% |
6.63% |
|
Honolulu, Hawaii |
-3.97% |
10.68% |
Source: First American CoreLogic, LoanPerformance House Price Index, February 2008
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