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Home Prices in Nevada Grow at Break-neck Speed


urbanThe top five states leading home price appreciation are all out west, according to CoreLogic [1], which analyzed four individual home price tiers calculated relative to the median national home sale price recently.

The analysis [2] revealed that the lowest price tier increased 9.4 percent year over year compared with 8.1 percent for the low- to middle-price tier, 7.1 percent for the middle- to moderate-price tier, and 5.7 percent for the high-price tier.

Among the 25 highest-appreciating states along with their highest and lowest historical price change, the analysis found that four states that showed double-digit increases were all in the West. While Nevada showed the largest gain of all states increasing 12.6 percent year-over-year, Washington with an increase of 12.1 percent in home price appreciation,  Idaho with 11.5 percent, and Utah with 10.4 percent appreciation were among the other states on the West coast where home prices appreciated the most.

The analysis also looked at states that had a larger peak-to-trough decline than the national average. It found that California, Idaho, and Michigan had all surpassed their pre-crisis home price appreciation peaks in June.

Connecticut led the states where home prices in June were the farthest below their all-time home price appreciation high. Home prices in the state were still 17.6 percent below their July 2006 peak, the analysis revealed. Prices in 38 states (including the District of Columbia) have risen above their pre-crisis peaks, the analysis found.

The analysis, which was based on the recently released CoreLogic Home Price Index found that the overall HPI had increased on a year-over-year basis every month since February 2012. it had gained 57.3 percent since hitting its bottom in March 2011. In June 2o18, the overall HPI was 5.2 percent higher than its pre-crisis peak in April 2006. However, when adjusted for inflation, home price appreciation remained 13.3 percent below their April 2006 peak.