B.R. home prices continue slide in January
At the same time that home sales in the Greater Baton Rouge area have been slowly but steadily rising over the past six months, home prices have been sliding. That incongruity is confirmed in the CoreLogic January Home Price Index, released today, which says Baton Rouge home prices—including distressed sales—slipped 5% on the month compared to January 2011. However, there is a slice of optimistic news on prices in the report: Excluding distressed sales, prices actually rose by 0.1%. While that's a modest rise to say the least, it marked the first time the Capital Region saw a rise on any sector of CoreLogic's Home Price Index since September, when a 0.1% increase was also recorded, excluding distressed sales. With distressed sales were factored in, the Baton Rouge area has seen prices fall by about 2% to 5% each month for the better part of a year. Regardless, Baton Rouge—as well as Louisiana at large—remains in the middle of the pack when compared to home price fluctuations nationwide. States with the highest price declines in January, including distressed sales, include Delaware (-7.9%), Alabama (-7.7%) and Georgia (-7.5%), while states such as Montana and North Dakota saw prices rise by roughly 6% on the month, excluding distressed sales. Louisiana posted 3.6% decline in January, including distressed sales, and a 1.6% decline excluding them. Of the largest 100 metro areas in the U.S., 71 saw prices fall in January, eight fewer than in December. According to the Greater Baton Rouge Association of Realtors, the average sales price in January was $177,354—down about 4% from the $184,775 average recorded in January 2011.
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