More States Break Previous Home Price Peaks
Home costs are raising as inventories of homes available to be purchased stays flat. The National Association of REALTORS® 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 top set in July 2006 by more than $6,000.
Corelogic's most recent Home Price Index names 15 states and the District of Columbia that took off to new highs in home costs in June:
5 States With Highest Home Price Appreciation in June
3.New York: +8.3%
4.South Carolina: +8%
That brings the number of states at or inside of 10 percent of their top home costs to 35.
"The present cycle of home value appreciation is surrounding 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 buyer 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 demonstrated year-over-year depreciation in. June were Massachusetts, where costs have fallen 1.5 percent, and Louisiana, which had a 0.1 percent drop.
CoreLogic's excludes distressed sales in the index, and projects that this group of home prices will increase 4.2 percent year-over-year.