Home values on rise in Jackson, rest of state

Mississippi home values fared better than much of the nation in March, increasing by 3.7 percent from the same month a year ago, reported California real estate research firm CoreLogic.

The 3.7 percent includes distressed sales of single family homes. Excluding distressed sales brought Mississippi’s home value increase to 3,3 percent, according to the CoreLogic Home Price Index.

In metro Jackson, home prices, including distressed sales, increased by 1 percent in March 2012 compared to March 2011 and increased by 5.3 percent in February 2012 compared to February 2011, CoreLogic reported.

Excluding distressed sales, year-over-year prices increased by 4.4 percent in March 2012 compared to March 2011 and increased by 1.2 percent in February 2012 compared to February 2011.

Home prices nationally, including distressed sales, declined on a year-over-year basis by 0.6 percent in March 2012 compared to March 2011. On a month-over-month basis, home prices, including distressed sales, increased by 0.6 percent in March 2012 compared to February 2012, the first month-over-month increase since July 2011.

Excluding distressed sales, month-over-month prices increased for the third month in a row. The CoreLogic Home Price Index, or HPI, also shows that year-over-year prices, excluding distressed sales, rose by 0.9 percent in March 2012 compared to March 2011. Distressed sales include short sales and real estate owned (REO) transactions initiated by lenders.

“This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices,” said Mark Fleming, chief economist for CoreLogic. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”

Anand Nallathambi, president and chief executive officer of CoreLogic, said tighter inventories in many markets are beginning to lift home prices.

“This is true in Phoenix, New York and Washington, for example, which all reflect higher home price values than a year ago. A continuation of this trend will be good for our industry across U.S. markets.”

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