Earlier this week, we examined the FHFA and Case-Shiller releases focusing on national data trends. Today, we’ll dig a bit deeper to look at more local data at the regional and city or MSA level.
Monthly FHFA releases data at the Census division level and quarterly it releases state and metro area data. Case-Shiller offers data on 20-cities monthly. Both of these sources confirm the trend seen in NAR measures.
At the regional level, the most robust home price gains from a year ago were in the West. NAR reported a price change of 8.2% from a year earlier in both April and in May in the West. According to FHFA, year-over-year prices in April 2014 rose 10.7 percent in the Pacific division (which includes Hawaii, Alaska, Washington, Oregon, and California) and 7.5 percent in the Mountain division (which includes Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico).
Likewise, NAR data showed the smallest price change from a year ago in the Northeast (1.0% decline for the year ending in April and 1.9% decline for the year ending in May), and FHFA showed a similar pattern. Prices rose 3.0 percent in New England (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut) and 1.7 percent in the Middle Atlantic states (New York, New Jersey, Pennsylvania) from April one year ago.
Among cities, Case-Shiller reported the biggest year-over-year gains in Las Vegas and San Francisco. Each had more than 18% year-over-year gains. San Diego showed the third strongest year-over-year growth followed closely by Detroit. Each of these cities saw prices rise by 15 percent or more from a year ago. The smallest gains in Case-Shiller’s cities were Cleveland at 2.7 percent, Charlotte at 4.4 percent and New York at 5.4 percent.