Top 10 States With Exploding Home Prices

source: http://www.flickr.com/photos/wwworks/

While the frigid winter is often blamed for weak economic reports, it seems to be having little effect on rapidly rising home prices. The sharp rebound in home prices continues to bring back memories of the housing bubble, but some states are clearly experiencing more appreciation than others.

In January, home rices across the nation surged 12 percent from a year earlier, according to the latest report from CoreLogic. That represents the 23rd consecutive month of year-over-year gains. Prices increased nearly 1 percent in January from December, and are expected to post a 12.5 percent year-over-year gain in February.

“Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January,” explained Dr. Mark Fleming, chief economist for CoreLogic, in a press release. “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.” On the positive, home prices remain 17.3 percent below their peak made in April 2006.

As they say in Real Estate 101, it’s all about location. Here are the top 10 housing markets by state, according to year-over-year price gains from CoreLogic.

Hawaii

10. Hawaii

12-month change: 11.1 percent

Peak Date: October 2006

Percentage Below Peak: 8.2 percent

Idaho

9. Idaho

12-month change: 11.1 percent

Peak Date: May 2007

Percentage Below Peak: 20.8 percent

Washington

8. Washington

12-month change: 11.6 percent

Peak Date: July 2007

Percentage Below Peak: 16.7 percent

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

7. Florida

12-month change: 12.5 percent

Peak Date: October 2006

Percentage Below Peak: 36.4 percent

Arizona

6. Arizona

12-month change: 13.1 percent

Peak Date: June 2006

Percentage Below Peak: 30.8 percent

Atlanta

5. Georgia

12-month change: 13.4 percent

Peak Date: December 2006

Percentage Below Peak: 15 percent

Source: Andrew Horne (AndrewH324) / Flickr

4. Michigan

12-month change: 13.7 percent

Peak Date: November 2005

Percentage Below Peak: 25.4 percent

Oregon

3. Oregon

12-month change: 14.3 percent

Peak Date: July 2007

Percentage Below Peak: 14.4 percent

california

2. California

12-month change: 20.3 percent

Peak Date: May 2006

Percentage Below Peak: 20.6 percent

Source: Ruthanne Reid (thisreidwrites) / Flickr

1. Nevada

12-month change: 22.2 percent

Peak Date: March 2006

Percentage Below Peak: 40.1 percent

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