PROVIDENCE – Rhode Island single-family home prices recorded some of the steepest drops in the nation in April, according to CoreLogic.
The California-based real estate tracking firm said home prices plunged 11.6 percent in April compared with the same month last year. CoreLogic said just three states – Idaho, Michigan and Arizona – recorded steeper drops. Nationally, home prices fell 7.5 percent.
CoreLogic attributed much of the fall – both nationally and in Rhode Island – to properties sold at foreclosure or by short sale. After removing the so-called distressed properties, national prices fell half a percent. Rhode Island prices dropped 4.1 percent. After removing distressed properties, eight states recorded steeper price declines than Rhode Island.
Including all properties, 45 states saw prices drop in April compared with the same month last year. Alaska, Mississippi, Washington, D.C., New York, Vermont and North Dakota saw prices increase.
Home sales last April benefited from the federal homebuyer tax credit. Buyers had to sign a purchase-and-sales agreement by April 30 to qualify for the credit and many raced to beat the deadline. Buyers had until Sept. 30 to close on the property.
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When the Rhode Island real estate numbers are released for May, they will show that the median price of single family homes sold has risen 5% over the median for May of 2010 and 10% over the median for April of this year. The headlines will no doubt will focus on the 10% reduction in the number of sales, even though that anybody with half a brain should have predicted this would occur when comparing the tax credit year to this year.