Report: York County house-price decline the highest in state
House prices in York County declined 4.38 percent from the third quarter of 2011 to the third quarter of 2012, the largest decline among Pennsylvania's metropolitan areas, according to Federal Housing Finance Agency data reported today by the Federal Reserve Bank of Philadelphia.
The FHFA's House Price Index includes both purchase prices and refinance appraisal prices. Nationwide, the index was flat between the third quarters of 2011 and 2012; in Pennsylvania, it declined 0.6 percent.
Excluding refinancing, and looking only at purchase prices, the index rose by 4.0 percent nationwide and by 0.2 percent in Pennsylvania.
Looking at the midstate's other metro areas, the Harrisburg-Carlisle index declined by 1.21 percent, Lancaster's rose by 0.02 percent and Lebanon declined by 1.01 percent. The Harrisburg-Carlisle metropolitan statistical area comprises Cumberland, Dauphin and Perry counties.
York County has a higher foreclosure rate than elsewhere in the midstate, according to real estate research firm CoreLogic. On the other hand, sales and sale prices were up in October, according to the Realtors Association of York & Adams Counties Inc.
The Altoona metro area had by far the biggest year-on-year bump in housing prices in Pennsylvania, 7.7 percent, according to the FHFA data, far outpacing No. 2 Williamsport, at 2.26 percent.