The West Wallops the Northeast in Residential Price Increases
Colorado and Texas were the stars of a new report by property analytics provider CoreLogic breaking down American home price appreciation by state and metro area. And Connecticut, surprisingly, had by far the biggest reason to sulk on account of the December 2014 data.
In the findings, Houston and Dallas delivered a one-two punch as the most improved metro regions in the country, with single-family home prices (including distressed properties) jumping 10% and 8.7%. LA and the nearby Inland Empire (both with 6.5% growth) followed in the third and fourth slots and Atlanta (6.3%) rounded out the top five. In the continuation of research trends, DC and environs (1%) had the most sluggish growth of major urban areas.
On the state level, Colorado edged out Texas to take the throne. (And keep in mind that the 2015 Lone Star State numbers may look very different thanks to the oil price collapse.) And despite recently falling behind Florida to become the fourth most populous state, New York's statewide prices impressed in year-to-year price terms.
Winners by State:
- Colorado, +8.4%
- Texas, +7.8%
- New York, +7.6%
- Nevada, +7.3%
- Michigan, 7.2%
Losers by State:
- Maryland, -0.7%
- Vermont, -0.9%
- Connecticut, -2.2%
Connecticut's depreciation easily outpaced Vermont and Maryland's in a pathetic showing for New England and the mid-Atlantic (New Jersey, Pennsylvania and Delaware were also in the bottom 10). It was also the only state where prices declined even after excluding distressed property sales. Still, CT can take solace in the fact that the unholy trinity of Nevada (36%, despite its strong 2014 showing), Florida (33.5%) and Arizona (29.5%) still registered the largest peak-to-current declines from April 2006 through December 2014.
Nationwide, falls from the pre-crash summit averaged 13.6% despite an 18.9% leap between December '09 and '14.
