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Report: Home prices down 7.5 percent, eighth straight month of year-over-year of decline

Home prices declined for the eighth consecutive month.

Home prices declined for the eighth consecutive month.

According to CoreLogic's most recent Home Price Index, home prices declined during March, falling 7.5 percent year-over-year. The downtrend is the eighth consecutive month of year-over-year declines recorded by the HPI.

Including distressed sales, the 7.5 percent decline was harsher than February's year-over-year fall, which registered at 5.8 percent. Excluding distressed sales, March's home prices were down 0.96 percent year-over-year, while February's were down 2 percent.

"Last year the first-time homebuyer tax credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the tax credit, it is understandable that we see prices continue to decline when compared with last year," said Mark Fleming, chief economist with CoreLogic. "As we move further away from that support, we will see a leveling of prices and eventually organic improvements in the market."

Among the sections that witnessed appreciation, which included distressed sales, were West Virginia, North Dakota, New York, Alaska and Maine, varying between 7.7 percent and 0.4 percent, respectively.

Idaho and Arizona were among the sections with the greatest depreciation, including distressed sales, falling 13.3 and 12.3 percent, respectively. Thus, those seeking relocation from these states might currently be experiencing tough times on the market.