U.S. home prices rise 11% in Oregon, drop in Connecticut
Over the 12 months that ended in May, home prices in Oregon rose 11% and they fell 0.9% Connecticut. The national average in the U.S. was a 5.9% gain, according to CoreLogic.
“Housing remained an oasis of stability in May with home prices rising year over year between 5% and 6% for 22 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”
“Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for homeprice growth, with Oregon and Washington leading the way,” said Anand Nallathambi, president and CEO of CoreLogic. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”
Home prices in Washington were up 10.1%.
Some of the markets most badly damaged by the bursting of the housing bubble also had strong results. Nevada prices rose 7.8% and Florida’s by 7.3%.
Joining Connecticut with losses over the past year were New Jersey, down 0.2%, and Pennsylvania, down by 0.1%.