The sale price of homes in the Baltimore metro region during August were 1.2 percent higher than a year earlier, according to data released Tuesday by housing market analysis firm CoreLogic.
Much of the upward pressure on prices was due to buyers paying higher prices for distressed properties — foreclosures and short sales.
Leaving out distressed sales, home prices increased just 0.7 percent in August when compared with August 2011, CoreLogic concluded.
The Baltimore region’s home price performance in August was weaker than the nation as a whole, the data showed.
Including distressed sales, the U.S. saw a year-over-year increase of 4.6 percent in August, the largest twelve-month increase since July 2006. Without distressed sales, home prices nationwide increased 4.9 percent in August on a year-over-year basis.
“Again this month prices rose on a year-over-year basis and our expectation is for that to continue in September,” said Mark Fleming, chief economist for CoreLogic, in a statement. “The housing markets gains are increasingly geographically diverse with only six states continuing to show declining prices.”
The five states that saw depreciation in prices, including distressed sales, from August 2011 to August 2012 were Rhode Island, Illinois, New Jersey, Alabama and Connecticut.
With distressed sales, Arizona and Idaho were the only states to see double-digit percentage growth over the twelve-month period. Arizona’s prices went up 18.2 percent and Idaho saw 10.4 percent growth.
Nationally, August’s home prices were 26.7 percent lower than the peak of the housing market in April 2006. Excluding distressed sales, the U.S. home price index was 19.9 percent below the peak, according to CoreLogic’s numbers, which are based on Multiple Listing Service information.
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