Earlier this week, we looked at the FHFA and Case-Shiller release focusing on national data trends. Today, we’ll dig a bit deeper to look at more local data at the regional, state, and city or MSA level.
FHFA releases monthly data at the Census division level and quarterly 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: home price gains from a year ago show less variation among regions now. While the Northeast has somewhat consistently lagged, price growth in the Midwest and South has approached and occasionally exceeded home price growth in the West. NAR reported price change of 4% to 7% in these areas from a year earlier in September and October. According to FHFA year over year prices in September 2014 rose 7.1 percent in the Pacific division which includes Hawaii, Alaska, Washington, Oregon, and California and 5.8 percent in the Mountain division which includes Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico and by the same pace in the West South Central division which includes Arkansas, Louisiana, Oklahoma, and Texas.
NAR data showed the smallest price growth from a year ago in the Northeast (4% or less in September and October), and FHFA similarly showed the smallest gains of 1.7 percent in the New England and Middle Atlantic Census divisions which combine to form the Northeast Census Region.
State by state data showed that Western states top the list but states from the Midwest and South are not far behind. Nevada was the only state to see house prices rise in the double-digits, 10.4 percent, in the year ending September 30, 2014. Hawaii, California, North Dakota, Florida, and Texas round out the top six and each area saw prices rise by more than 7 percent in the last year. At the other end, only Connecticut saw a loss in home prices from one year ago. Four other states, Delaware, Vermont, Maryland, and Virginia each saw home price gains of less than 1 percent.
Among cities, Case-Shiller reported the biggest year over year gains in Miami, the only city with a double-digit price increase from a year ago at 10.3 percent. Other top cities, Las Vegas, San Francisco, and Dallas, had home price increases of 7% year over year or higher. The smallest gains in Case Shiller’s cities were Cleveland at 0.8 percent, Washington at 2.1 percent and Charlotte at 2.6 percent.