NEW YORK (Reuters) - Home prices fell in October for the third month in a row with growth in the beleaguered sector expected to remain flat for years to come, data analysis firm CoreLogic Inc said on Tuesday.
CoreLogic’s (CLGX.N) home price index fell 1.3 percent in October from the month before. Compared to October of last year, prices were down 3.9 percent, deeper than September’s revised year-over-year decline of 3.8 percent.
Excluding distressed sales, prices were down just 0.5 percent from a year ago.
“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance,” Mark Fleming, chief economist at CoreLogic, said in a statement.
“Looking forward, our forecasts indicate flat growth through 2013.”
The glut of houses on the market has kept prices low while buyers remain on the sidelines.
Of the top 100 statistical areas measured by population, 78 showed yearly declines, down from 80 in September.
Reporting By Leah Schnurr, Editing by Chizu Nomiyama