PROVIDENCE – Prices for single-family homes in Rhode Island fell 4.7 percent in July compared with the same month last year, CoreLogic said Wednesday.
However, when distressed sales – foreclosures and short sales – were removed, prices fell three-tenths of 1 percent, the real estate tracking firm said.
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Nationally, CoreLogic said its Home Price Index declined 5.2 percent in July 2011 compared with the same month last year. Removing distressed sales, prices fell six-tenths of a percent.
“While July’s numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer,” said Mark Fleming, chief economist for CoreLogic. “At that point, the month-over-month growth will most likely turn negative. The slowdown in economic growth and increased uncertainty caused by the recent stock market volatility will continue to exert downward pressure on prices.”
Home prices in Nevada fell the steepest, down 12.2 percent. On the opposite end of the spectrum, home prices rose 14 percent in West Virginia.
California-based CoreLogic says it builds its index using a combination of collected property data, historical data and statistical modeling.
