November 08, 2011 01:30PM
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.
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