Including distressed sales, the five states with the highest home price appreciation were:
• Nevada (+24.6 percent)
• California (+19.4 percent)
• Arizona (+17.3 percent)
• Hawaii (+17 percent), and
• Oregon (+15.5 percent)
“Although the nature of real estate as a cyclical industry implied a recovery on the other side of the correction, the pace of improvement in the fundamentals and the shift in demand vs. supply over the last 12 months has exceeded the expectations of most everyone,” says Budge Huskey, president and CEO, Coldwell Banker Real Estate LLC. “While values remain well below their peak on a national level, implying additional room for growth, year-over-year increases in many markets are dramatic and the significant drop in inventory has triggered a rapid shift from a buyer’s to seller’s market.”
Further supporting these reports, Clear Capital recently released its Home Data Index(TM) (HDI) Market Report with data through May 2013.
Results here also show many markets are improving nationwide, including Phoenix and Las Vegas. In Las Vegas yearly gains ramped up to 27 percent, surpassing the yearly gains of 25.7 percent in Phoenix to lead the nation’s real estate recovery. This is the first time in over a year–since April 2012–that Phoenix has not led the top 50 major metro markets in yearly gains.