Finance & Mortgage

Washington, Colorado, Oregon States Top List of Markets With Fastest-Growing Prices; New York City, California Left Behind

Home prices had been steadily rising and individuals trying to buy homes had been bemoaning the trend. When it comes to the nation's biggest year-over-year growth in sales prices, already-costly New York and California did not get top spot but instead other Western states dominated the list. 

Home prices in the Washington state soared to the top of the list for February as the cost of purchasing a single-family home that month reached 12.4 percent year over year. The statistical data ranked states by its property price index, which was based on selling values. Nationally, the values of single-family homes increased 6.8 percent year over year from 2015 to 2016.

The home prices in Washington was followed by an annual 10.5 percent increase in Colorado, 10.2 percent hike in Florida, and 9.3 percent rise in Oregon. In particular, the Western states were enjoying an overflow from costly Silicon Valley market, which had sent tech companies and their employees  on the lookout for lower priced hubs, according to a feature from Limerick Leader.

Nevada, which had suffered from the foreclosure crisis, saw prices jump by 8.6 percent and Idaho, better known for its crops than its stable housing market, experienced an 8.4 percent price acceleration. Another surprise was South Carolina's spot which was not far behind with 8.2 percent.

Las Vegas real estate broker Bryan Kyle stated that the state's market was ground zero for the downturn as homes went down to over half of their worth at the height of the market. He said that over the past years, Las Vegas values had begun jumping back up. However, they were still nowhere near peak values. The broker did expect them to return anytime soon.

The home price rise could be attributed to individuals who lost their properties in the crisis and are now looking to buy a new home, according to a feature from Realtor.com.


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