National home prices fall in January, Houston bucks trend
March 15th, 2011 9:48am
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A report from CoreLogic shows that national home prices continued to lose ground in January, although the Houston real estate market continued to outperform much of the country.According to the report, January home prices were 5.7 percent below their year-ago levels, representing a widening decline after just a 4.7 percent drop in December.
"A number of factors continue to dampen any recovery in the housing market," said Mark Fleming, chief economist with CoreLogic. "We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure."
However, in the Houston real estate market, single-family prices were actually up 0.3 percent compared to a year earlier. After excluding distressed properties, that increase grew to 0.8 percent. New York City was the only other major market to see prices go up.
January was also a bright spot for Houston homes for other reasons. It was also the first time in months that local sales were above their year-ago levels, according to the Houston Association of Realtors.
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