Home price gains in state remain below national average

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Home prices in Delaware continued to increase at a lower rate than in the nation as a whole, the real estate tracking firm CoreLogic reported in its monthly report.

The year-over-year gain nationwide for March was 7.1. Nationwide, home prices are expected to go up by 4.9 percent by March of 2018. In Delaware, the March 2016 to March 2017 gain was 2.5 percent, with a 3.6 percent gain expected by March 2018.

The March gain nationwide was 1.6 percent for single family homes. Delaware’s figure was far lower at five-tenths of one percent.

CoreLogic also looked at what were termed as overvalued market, with northern Delaware remaining in normal ranges, with southern Delaware in the overvalued category.

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The Delaware home market has remained uneven, with lower priced homes reported to be moving quickly, with more sluggish conditions for homes selling at more than $500,000.

Delaware has been hit by corporate cutbacks that have included the elimination of 1,700 jobs at DuPont Co. last year.

Also, Delaware has ranked near the top in the housing foreclosure rate. While other states have snapped back, the state has experienced a more sluggish recovery that led to loans more into foreclosure.

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