10 States Where Home Prices Are Still Skyrocketing

Source: Thinkstock

Home prices are still making impressive gains across most of the nation, albeit at a more moderate pace this summer. With the help of low interest rates and inventory levels, the rebound has lasted longer than many analysts originally estimated. However, some states are experiencing more strength than others.

In July, home prices increased 7.4 percent from a year earlier, according to the latest report from CoreLogic. That represents the 29th consecutive month of year-over-year price gains. On a month-over-month basis, home prices rose by 1.2 percent in July from June. CoreLogic expects national home prices to show a monthly gain of 0.6 percent in August and an increase of 5.7 percent from July 2014 to July 2015. Despite the recent improvement, home prices are almost 12 percent below their peak made in April 2006.

“Home prices continued to march higher across much of the U.S. in July. Most states are reaching price levels not seen since the boom year of 2006,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “Our data indicates that this trend will continue, with more states hitting new all-time peaks this year and into 2015 as the recovery continues.”

Let’s take a look at the top 10 real estate markets by state, according to year-over-year price gains from CoreLogic.

Source: Thinkstock

10. Texas

  • 12-month change: 8.7 percent
  • Peak date: July 2014
  • Percentage below peak: 0 percent

Source: Thinkstock

9. Oregon

  • 12-month change: 8.8 percent
  • Peak date: July 2007
  • Percentage below peak: 8.5 percent

 

Source: Thinkstock

8. New York

  • 12-month change: 8.8 percent
  • Peak date: November 2006
  • Percentage below peak: 0 percent

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7. Georgia

  • 12-month change: 9.4 percent
  • Peak date: December 2006
  • Percentage below peak: 7.5 percent

Source: Thinkstock

6. Massachusetts

  • 12-month change: 9.8 percent
  • Peak date: October 2005
  • Percentage below peak: 4.1 percent

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5. California

  • 12-month change: 10.5 percent
  • Peak date: May 2006
  • Percentage below peak: 14.5 percent

Source: Thinkstock

4. Hawaii

  • 12-month change: 10.5 percent
  • Peak date: October 2006
  • Percentage below peak: 2.2 percent

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3. Nevada

  • 12-month change: 10.6 percent
  • Peak date: March 2006
  • Percentage below peak: 36.4 percent

Source: Thinkstock

2. Maine

  • 12-month change: 10.6 percent
  • Peak date: May 2006
  • Percentage below peak: -1.1 percent

Source: Thinkstock

1. Michigan

  • 12-month change: 11.4 percent
  • Peak date: November 2005
  • Percentage below peak: 17.2 percent

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