By Manuel Gutierrez, Consulting Economist to NKBA

Annual gains are slightly below those of the previous month, with increases in the 20 percent range since June of last year.

 

  • House price increases since the beginning of the year have consistently exceeded those during the subprime boom fifteen years ago.
  •  While homeowner equity reaches record levels, more potential home buyers are being priced out of the market.
  •  Florida leads the nation with a 30 percent annual increase in home prices, according to data from the Federal Housing Finance Agency. Other  states just behind it include Arizona (+28%), Utah (+27%), and Tennessee and Idaho (+26%).
  •  States with the lowest price increases include North Dakota and Alaska, at 10 percent apiece.
  •  Among the 20 metro areas for which house prices are provided by the Case-Shiller index, Tampa leads with a 36 percent annual price increase, followed by Miami at 33 percent, historically high levels of growth for both.
  •  Other metros with substantial price gains are Phoenix and Dallas (+31%), and San Diego and Las Vegas (+31%).
  •  Condominium price increases continue to trail single family homes. The biggest gap is for San Francisco,  where the price gain for single family homes is more than double that of condominiums, 23 percent vs. 10 percent.
  •  The smallest gap is in Los Angeles, where price gains of single-family homes is just four percentage points above condos, (+23% vs. +19%).