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Tacoma home prices continue falling

Post by John Gillie / The News Tribune on May 8, 2012 at 11:05 am with No Comments »
May 8, 2012 11:05 am

Tacoma home prices declined by 8.7 percent in March compared with March a year ago, a study by a business statistics provider.

CoreLogic, said that 8.7 percent decline was identical to the decline in February compared with February 2011. Those figures include so-called distressed sales, foreclosures and short sales, necessitated by tough economic conditions.

With those distressed sales excluded, year-over-year prices fell by 2.7 percent in March and 6.4 in February, CoreLogic said.

Nationwide, sales prices for homes declined by 0.6 percent in March this year compared with March of 2011.

Compared with February this year, home prices jumped by 0.6 percent in March nationwide. That’s the first month-to-month increase since July 2011.

“This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices,” said Mark Fleming, chief economist for CoreLogic. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO (lender-owned) sales.”

“While housing prices remain flat nationally, in many markets tighter inventories are beginning to lift home prices,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “This is true in Phoenix, New York and Washington, for example, which all reflect higher home price values than a year ago. A continuation of this trend will be good for our industry across U.S. markets.”

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