U.S. home prices rise 11% in Ore­gon, drop in Con­necti­cut

Financial Mirror (Cyprus) - - FRONT PAGE -

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%.

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