With the help of low interest rates and inventory levels, the housing market was one of the strongest areas of the economy in 2013. In fact, real estate likely experienced its best year for home-price appreciation since 2005. However, some states are clearly witnessing more strength than others.
In November, home prices across the nation jumped 11.8 percent from a year earlier, according to the latest report from CoreLogic. That is the 21st consecutive month of year-over-year price gains. Home prices are expected to finish 2013 up 11.5 percent from 2012.
Despite the strong gains, home prices are expected to slow their pace next year. “On a year-over-year basis, home prices have appreciated every month in 2013. The outlook for 2014 looks a bit less robust as regulatory complexities and tight credit can be expected to cool the housing market,” said Anand Nallathambi, president and CEO of CoreLogic.
As they say in Real Estate 101, it’s all about location. Here are the top 10 real estate markets by state, according to year-over-year price gains from CoreLogic.