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Des Moines home prices fall in April

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Home prices in Greater Des Moines dropped 0.8 percent in April compared with April 2011, bucking a trend of a national increase in prices.

CoreLogic Inc. released home price index numbers today showing an increase nationally of 1.1 percent in April over the same time last year, and an increase of 2.2 percent over March. 

Despite the national increase, home prices in the Des Moines metro area fell for the second month in a row.

However, when distressed sales are excluded from the total, home prices in Greater Des Moines actually increased year-over-year. Without distressed sales, home prices in the area increased 0.7 percent over April 2011.

“The consistent month-over-month increases within the index is one sign the housing market is stabilizing,” said Anand Nallathambi, president and CEO of CoreLogic, in a release. “Home prices are responding to a restricted supply that will likely exist for some time to come – an optimistic sign for the future of our industry.”