Home prices continued to drop across the U.S. in January, falling for the sixth consecutive month as several factors continue to affect the housing market.
According to research firm CoreLogic’s January Home Price Index, home prices fell 5.7 percent in January compared to one year earlier, including distressed sales. Excluding distressed sales, prices fell 1.6 percent in the same period.
Idaho had the greatest price depreciation, including depressed sales, with a 15.7 percent drop. Alabama, Oregon, Arizona and Utah also were among states with the largest declines.
Leading in home price appreciation were West Virginia, with a 5.5 percent rise when counting distressed sales, and Hawaii, with a seven percent gain without distressed sales.
According to CoreLogic economists, the high level of negative equity, weak demand and a large shadow inventory all contribute to the continued slide of home prices nationwide.
Related Stories
4 Steps to Prep Your Business for Contraction
How a remodeling company plans ahead for the worst of times (and the best of times)
Creating a Company Fire Drill: How to Prepare for the Worst
A disastrous fire could have been a lot worse if the business wasn’t prepared for the unexpected
The Fundamentals of Growing Profitably
On this episode of Women at WIRC podcast, Nip Tuck Remodeling Owner April Bettinger shares how she plans for her company's profitable growth
3 Things to Add to Your Construction Contract—From a Lawyer
Did you know you can add these three elements to your contracts?
Study Finds Remodelers’ Net Profits Declined
How far did net profits decline and what's influencing the drop?
The Home Depot Bets on Pros Amid Predictions of Flat Sales Growth
For the first time since 2019, The Home Depot’s revenue fell short of Wall Street’s predictions amid a general softening in the home improvement market
Indicators of a Softening Market and How to Prepare
Market conditions could be changing, but don't panic. Richardson shares ways to stay on top of market conditions and how to prepare for any potential softening down the road.
Grow Your Business Through Collaboration with Remodeling Peers
Remodeling Mastery Forums offers a unique business opportuniy for remodelers