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.