Biz Buzz
By Jim Martin, Doug Oathout Erie Times-News staff bloggers
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Posted: March 7th, 2012
Erie home values on the rise

Erie County home prices are on the rise, bucking a national trend.

Prices in January of this year rose 1.4 percent compared to January 2011 and were up 1 percent compared to December 2011.

Those numbers, provided by CoreLogic, a provider of business information and analytics, offer more evidence that Erie’s real estate market is in better shape than most.

According to the report, which was released today, housing prices nationally are down 3.1 percent over the past year.
Much of that decline is influenced by the sale of distressed properties, often sold at lower prices. When distressed sales are eliminated, housing prices nationally declined 0.9 percent.

In Erie County, the sale of distressed properties appears to actually be helping housing values — at least in this one-month sample. When distressed sales are removed from consideration, Erie’s housing prices have fallen 2.4 percent over the past year.

The state with the largest increase in homes prices was South Dakota, with an increase of 5.7 percent.

The biggest decline in home values was in Illinois, where prices have fallen 8.7 percent.

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