Nevada and Florida Home Prices Remain Stalled in November

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Home prices in the United States rose for the 33rd consecutive month in November, but the increase continued to moderate. Compared with November of 2013, home prices rose 5.5%, including the sales of distressed properties. Month over month, November home prices rose by 0.1%. In October, prices rose 6.1% year-over-year and 0.5% month-over-month.

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (35.7%), Florida (33.4%), Arizona (29.3%), Rhode Island (29.1%) and Connecticut (23.2%). The data were released Tuesday by research firm CoreLogic.

Including sales of distressed properties, the five states posting the largest year-over-year price increases were Michigan (9.0%), Colorado (8.8%), Texas (8.5%), Nevada (7.9%) and North Dakota (7.9%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Massachusetts (8.6%), Texas (7.9%), Colorado (7.8%), North Dakota (7.8%) and South Dakota (7.5%).

CoreLogic’s CEO said:

The pace of home price gains have slowed as we exit 2014 but this is probably only a temporary lull. … [W]e believe that prices will be up a year from now as continued economic growth fuels buyer confidence and their willingness to purchase a home and invest in their future.

CoreLogic has forecast that home prices, including distressed sales, will decline 0.1% in December, compared with November, and rise by 4.2% in the 12 months between November 2014 and November 2015. Both estimates include distressed sales.

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