(Corrected, 2 p.m.)
PROVIDENCE – Single-family home prices in the Providence-New Bedford-Fall River area dropped 1.5 percent in August compared with the same month a year earlier, according to data released by real estate tracking firm CoreLogic Thursday.
This is the second straight month the price of homes sold in the area declined from last year, according to CoreLogic, with July home prices dipping 2.9 percent from the same month a year earlier.
The CoreLogic price index represents total homes sold, including distressed properties which are foreclosures and short sales.
However, excluding distressed properties, home prices in Providence, New Bedford and Fall River rose 1.9 percent over August of 2010, the report said.
The Providence metro area mirrored a statewide trend as single-family home prices declined 1.8 percent in Rhode Island year-over-year but increased 1.1 percent excluding the distressed properties.
Nationally, August home prices dipped 0.4 percent from July, the first time in four months this year prices were down. Compared with August 2010, national home prices were down 4.4 percent.
“The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,” said Mark Fleming, chief economist for CoreLogic.
California-based CoreLogic says it builds its index using a combination of collected property data, historical data and statistical modeling.
Correction: CoreLogic corrected the metropolitan area numbers it originally sent out.
