Housing prices tick up for first time since July

Housing prices ticked up in March for the first time since last summer as housing supply fell. 

Prices increased 0.6 percent for the first time since July but were down the same amount when compared with March 2011, according to a report by CoreLogic released Tuesday. 

Excluding distressed sales, prices increased for the third month in a row and were up 0.9 percent year-over-year. Distressed sales include short sales and real-estate owned (REO) transactions.

"This spring, the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices," Mark Fleming, chief economist at CoreLogic, said in a statement.

"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," he said.

Foreclosed homes, which are usually sold at much cheaper prices than other housing inventory, have weighed on home prices. 

Of the top 100 areas measured by population, 57 are showing year-over-year declines in March, eight fewer than in February, the report showed. 

“While housing prices remain flat nationally, in many markets tighter inventories are beginning to lift home prices,” said Anand Nallathambi, president and chief executive officer of CoreLogic. 

“This is true in Phoenix, New York and Washington, for example, which all reflect higher home price values than a year ago," Nallathambi said. 

Including distressed sales, the five states with the highest appreciation of prices were: Wyoming (5.9 percent), West Virginia (5.3), Arizona (5.1), North Dakota (4.7) and Florida (4.5).

Excluding distressed sales, the five states with the highest appreciation were: Idaho (5.4 percent), North Dakota (5.1 ), South Carolina (4.7), Montana (3.5) and Kansas (3.4).

---