Integrated Asset Services today released its latest IAS360 House Price Index, which showed that declines in house prices correlated to unemployment claims.
Of the four U.S. Census regions, IAS reported the Midwest region falling the most in March, with a 2.5% drop. At the same time, the Labor of Bureau Statistics reported the region registered the highest number of initial unemployment claims (81,957) for the same period.
Among the other regions, house prices fell 1.3% in the South, 0.8% in the West, and remained unchanged in the Northeast, which also reported the smallest number of initial jobless claims.
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Nationwide, home prices fell 1.0% in March. The numbers come after a 3.0% national drop in February and a 3.5% plunge in January, the index's worst single-month decline ever. On a year-over-year basis, U.S. house prices are now down 13.9%, with 10.7% coming since September.
"There was at least some leveling off in house prices for March but it's too soon to call it a rebound in the housing market," said Dave McCarthy, president/CEO of IAS. "We'll keep looking at prices at the county level to see if there's any cumulative light emerging at the end of the tunnel."
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