Aug 06

More States Break Previous Home Price Peaks

More States Break Previous Home Price Peaks

More States Break Previous Home Price Peaks. Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

More States Break Previous Home Price Peaks. Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

 

Home prices are rising as inventories of homes for-sale remains limited. The National Association of REALTORS® recently reported that the median existing-home price for all housing types reached $236,400 in June – 6.5 percent above year-ago levels, surpassing the last peak median sales price set in July 2006 by more than $6,000.

Corelogic’s latest Home Price Index names 15 states and the District of Columbia that soared to new highs in home prices in June:

  • Alaska
  • Arkansas
  • Colorado
  • Hawaii
  • Iowa
  • Kentucky
  • Nebraska
  • New York
  • North Carolina
  • North Dakota
  • Oklahoma
  • South Dakota
  • Tennessee
  • Texas
  • Wyoming

 

That brings the number of states at or within 10 percent of their peak home prices to 35.

“The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight,” says Anand Nallathambi, president and CEO of CoreLogic. “Pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent mix fueling a 6.5 percent jump in home prices through June with more increases likely to come.”

The only two states that have shown year-over-year depreciation in June were Massachusetts, where prices have fallen 1.5 percent, and Louisiana, which had a 0.1 percent drop.

CoreLogic’s data excludes distressed sales in the index, and projects that this group of home prices will increase 4.2 percent year-over-year.

Source: CoreLogic

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