B.R. home prices fall in July as U.S. posts biggest rise in 6 years

From the Baton Rouge Business Report, Real Estate Weekly:

 

U.S. home prices jumped 3.8% in the 12 months ending in July, according to a new report out this morning by private real estate data provider CoreLogic. The year-over-year increase was the biggest in six years, further evidence that the American housing market is steadily recovering. CoreLogic says home prices also rose 1.3% in July from June. That's the fifth straight increase in both the monthly and year-over-year price indexes. In Baton Rouge, however, CoreLogic reports home prices declined by 0.9% on the year through July. On a month-over-month basis, the numbers appear to show a more positive trend: Baton Rouge home prices increased by 1.8% from June to July. CoreLogic's price index is the third national index to show steady increases. The Standard & Poor's/Case-Shiller index posted its first annual increase in nearly two years last week. And a federal government housing agency has also reported annual increases. Still, the national housing market's recovery is just beginning. U.S. prices are still 27% below their peak in April 2006, CoreLogic notes.

B.R. ranked in the middle for affordable housing

From the Baton Rouge Business Report, Real Estate Weekly:

Of the roughly 200 U.S. metropolitan areas surveyed for the new "Paycheck to Paycheck" report on first quarter housing affordability from the National Housing Conference and the Center for Housing Police, Baton Rouge ranks No. 83 on the list of most expensive metros to buy a home. On the same report for the first quarter of 2011, Baton Rouge was ranked No. 81. The report says the average home sale price dropped to $157,900 in the first quarter, down from $160,600 in the opening three months of 2011. New Orleans is ranked No. 91 on the list, up from No. 95 last year, with an average sale price of $147,500 in the first quarter of 2012. The Capital Region appears to be more affordable for renters, according to the report, which ranks Baton Rouge No. 128 on the list of the most expensive metros for renters. The average rent for a two-bedroom unit in Baton Rouge is pegged at $752 in the report, much lower than the national average of $949 among the largest 200 metros. New Orleans is ranked at No. 58 on the rental list, with a $948 average. You can get more details and access the complete report here.