Top 10 States With Surging Home Prices

homes

The Fed-induced rebound in the real estate market still appears to be dependent on low interest rates and constrained inventory levels. However, many areas of the country are witnessing startling gains in home prices.

In June, home prices across the nation increased on a year-over-year basis for the sixteenth consecutive month, according to CoreLogic. Home prices jumped an average of 11.9 percent from a year earlier. In fact, Delaware and Mississippi were the only two states to post a decline in home prices, and 99 out of 100 of the largest cities showed an annual increase.

Dr. Mark Fleming, chief economist for CoreLogic, notes the strong performance this year. He explains, “In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent. This trend in home price gains is at the best pace since 1977.”

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.

1. Idaho

12-Month Change: 12.8 percent

Idaho

2. Hawaii

12-Month Change: 13 percent

Hawaii also has the highest average closing costs in the country at $2,919, compared to the national average of $2,402, according to Bankrate.com.

Hawaii

3. Montana

12-Month Change: 13 percent

Montana

4. Utah

12-Month Change: 13.5 percent

Utah

5. Oregon

12-Month Change: 14.2 percent

Oregon

6. Georgia

12-Month Change: 14.3 percent

Credit: http://www.flickr.com/photos/jongos/

7. Arizona

12-Month Change: 16.2 percent

Arizona

8. Wyoming

12-Month Change: 16.7 percent

Wyoming

9. California

12-Month Change: 21.4 percent

The “Golden State” also has the fourth highest average closing costs in the country at $2,639.

california

10. Nevada

12-Month Change: 26.5 percent

Nevada

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