Manchester-Nashua home prices fall in May
Including distressed sales, prices fell 0.8%
As national home prices, including distressed sales, rose 8.8 percent in May – the 27th consecutive month of year-over-year price increases – home prices in the Manchester-Nashua area were going in the opposite direction, according to CoreLogic’s monthly Home Price Index.
The Irving, Calif.-based financial data firm, said Manchester-Nashua home prices, with distressed sales included, declined by 0.8 percent in May from May 2013. On a month-over-month basis, home prices, including distressed sales, increased by 1.1 percent in May 2014 compared to April 2014.
With distressed sales taken out of the equation, year-over-year prices increased by 1.4 percent in May 2014 compared to May 2013. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates Manchester-Nashua home prices increased by 3.2 percent in May 2014 compared to April 2014.
Nationwide, month-over-month home prices increased 1.4 percent in May 2014 compared to April 2014, CoreLogic reported.
Excluding distressed sales, home prices nationally increased 8.1 percent in May 2014 compared to May 2013 and 1.2 percent month over month compared to April 2014.
CoreLogic said its HPI Forecast indicates that home prices, including distressed sales, are projected to increase 0.8 percent month over month from May 2014 to June 2014 and, on a year-over-year basis by 6.0 percent from May 2014 to May 2015.
"The pace of home price appreciation is cooling off quickly as the weather warms up," said Mark Fleming, chief economist for CoreLogic. "May's 8.8 percent year-over-year growth rate is down almost three percentage points from just three months ago. The influences of modestly rising inventory and less-than-expected demand are causing price growth to moderate toward our forecasted expectations."