Year-over-year property appreciation rates by state
The map illustrates the top states for property appreciation rates year over year. Property appreciation is calculated based on repeat sales of the same properties, which can avoid the problem of trying to account for price differences in homes with varying characteristics. Increasing home prices usually indicate increased demand or weakening supply, while decreasing prices reflect decreased demand or strengthening supply.
Except for North Dakota, all states saw property appreciation versus one year ago, with Nevada, Idaho, Washington, Utah and Colorado leading as the top five. Nevada had the highest year-over-year property appreciation rate at 12.99% in August 2018.
Overall, property appreciation rates were higher in the western half of the United States. The national average property appreciation rate was 4.9%, with 26 states above the average.1
Monthly inventory levels and median prices
This graph compares the number of home listings to the median listing price from September 2017 to August 2018. Both home inventory and median listing price dropped after September 2017, but began to increase after January 2018, and then dropped again after July 2018.
Home inventory reached 746,139 in July 2018, which is slightly lower than last September. The national median listing price reached 320,087 in June 2018, about 10.3% higher than last September. The data shows that the market was hot probably due to low interest rates and high demand.
A closer look at trends in inventory and listings price in major metropolitan areas reveals that home inventory increased in more than half of the major metro areas, in which median listing prices decreased, with some exceptions. This trend may be the result of more popular homes being sold and the remaining homes lowering their prices to try to encourage buyers.1
1Source data: CoreLogic®
Data date: 09/25/2018
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