More States See Rising Home Prices
Home prices nationwide, including for distressed sales, rose 7.4 percent year-over-year in July, according to CoreLogic’s latest reading of its Home Price Index.
Signs of a Turnaround
“While home prices have clearly moderated nationwide since the spring, the geographic drivers of price increases are shifting,” says Sam Khater, deputy chief economist for CoreLogic. “Entering this year, price increases were led by Western and Southern states, but over the last few months, Northeastern and Midwestern states are migrating to the forefront of home-price rankings.”
The five states with the highest home-price appreciation in July, including for distressed sales, were: Michigan (+11.4%); Maine (+10.6%); Nevada (+10.6%); Hawaii (+10.5%); and California (+10.5%).
A total of 11 states, plus the District of Columbia, soared to new record highs in July, according to CoreLogic’s Home Price Index, which dates back to 1976. Those states include: Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, and Vermont.
“Home prices continued to march higher across much of the U.S. in July,” says Anand Nallathambi, president and CEO of CoreLogic. “Most states are reaching price levels not seen since the boom year of 2006. Our data indicates that this trend will continue, with more states hitting new all-time peaks this year and into 2015 as the recovery continues.”