Limited inventories of for-sale homes continue to push home prices higher across the country. For 10 states, those limited listings even propelled markets to new home price peaks in May.
“Mortgage rates on 30-year fixed-rate loans remained below 4 percent through May, helping to fuel home purchase activity,” says Frank Nothaft, CoreLogic’s chief economist. “Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year.” Overall, 33 states are at or within 10 percent of their price peaks, according to CoreLogic.
The 10 states that have zoomed to new price peaks are:
- New York
- North Carolina
Source: “Home Price Index,” CoreLogic (July 7, 2015) and “Home Prices Hit New Highs in 10 States,” CNBC (July 7, 2015)