NYC Home Prices Rise Even As They Fall Nationwide

National housing prices declined on both a month-over-month and year-over-year basis in September, according to the Housing Market Index released yesterday by CoreLogic, but the news was far better for the New York City area reported Adam Fusfeld in the Real Deal.

The New York-White Plains-Wayne, N.J. market experienced a 2.2 percent increase in single-family housing prices between September 2010 and September 2011, taking into account distressed sales. Excluding those sales, the year-over-year increase was 2.9 percent.

That compares favorably to the grim nationwide data, which shows September housing prices declined by 4.1 percent from a year ago including distressed sales, and 1.1 percent without them. The month-over-month decline was 1.1 percent, including distressed sales.

For the New York area, it's the second consecutive month of 2 to 3 percent gains in prices both including and excluding distressed sales. Of the 10 largest metro markets, only Washington, D.C., where housing prices rose 1 percent, also had a year-over-year price increase. New York was also the sixth-best performing state, according to CoreLogic, as the price increase for single-family homes was 2.4 percent. West Virginia was tops with a 7 percent increase. - Adam Fusfeld

 

source: CoreLogic