Home prices are up 3.6 percent in June from one year ago at the national level, according to the government repeat price index, which tries to measure the genuine home price appreciation of a typical homeowner. This price index, unlike the median price, is not impacted by the mix of homes.
Arizona is leading the pack with a strong 13 percent one-year gain. Idaho, Florida, Michigan, Arkansas, and Utah are next with better than 7 percent increases. North Dakota, which had continuous job growth over the past 10 years and avoided a local economic recession, experienced further non-stop price gains.
At the metro level, double-digit gains are occurring in Phoenix, Miami, and the Detroit suburbs of Warren-Troy-Farmington Hills.
Connecticut, due to many distressed properties that have yet to go through the court system, is the weakest market with prices having fallen 5 percent from one year ago. There needs to be an alternative non-judicial process to move distressed inventory into the hands of buyers quickly, or the price declines will be stretched out over a much longer period.
The full report is here. Please do not print this massive document. Simply jump to page 27 see your state’s performance.
Lawrence Yun is Chief Economist and Senior Vice President of Research at NAR. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1 million REALTOR® members.