March home prices decline in metro area

Distressed property listings drove values down 0.7%

By Cami Joner, Columbian retail & real estate reporter

Published:

Updated: May 8, 2012, 5:40 PM

 
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Distressed property listings drove March home values down in the Portland-Vancouver metro area, where prices fell 0.7 percent compared with the same month last year, California-based CoreLogic reported Tuesday.

Without the distressed sales, year-over-year prices in the metro area increased by 0.4 percent in March. The local figures are comparable with a national decline of 0.6 percent in March home values, compared with March 2011.

Home prices in Washington, including distressed sales, declined 2.3 percent, CoreLogic reported. In Oregon, home values were down by 1.2 percent for all single-family homes sold.

CoreLogic reported the five states with the highest appreciation were: Wyoming, up 5.9 percent; West Virginia, up 5.3 percent; Arizona, up 5.1 percent; North Dakota, up 4.7 percent; and Florida, up 4.5 percent for all sales including distressed properties.

The five with the highest depreciation were: Delaware, down 10.6 percent; Illinois, down 8.3 percent; Alabama, down 8 percent; Georgia, down 7.3 percent; and Nevada, down 5.8 percent.

In Clark County, the median price of all homes — half sold for more, half for less — was $176,000 in March, down 5.6 percent from the median of $186,400 the same month last year, according to Portland-based RMLS listing service. The decline was not as dramatic as in February when the year-over-year median price fell 13.2 percent to $165,000, down from $190,000 in February 2011.