The 11 States with the Hottest Housing Markets
6.5 percent increase in home prices
The smallest state in the union just barely surpassed the U.S. average. Home prices benefited from a 38-percent decline in foreclosures and short sales, according to the state’s Realtor Association. The median price of existing homes in the state came in at $230,000, the association reported.
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6.8 percent increase in home prices
Sales in August, the most recent most for which data are available, showed an upward trend, rising 9.3 percent from a year before. Salt Lake County accounted for more than a third of the state’s sales and saw volume leap 14.5 percent. Through August, sales are 19.6 percent higher than in the same period in 2014. The best performer percentage-wise in Utah was Beaver County, where the number of closed sales quadrupled to a whopping eight sales from two last year.
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7.1 percent increase in home prices
The Aloha State saw condo sales boom in September, increasing 15.3 percent from a year ago, led by a 35-percent increase on Maui. Sales of single-family homes also rose, but less so, at 2 percent. Year-to-date, though, single-family home sales are up 6.2 percent, while condo sales are 3.7 percent higher. The state’s capital, Honolulu, also garnered the distinction of being the fourth most expensive housing market in the nation, with a median single-family price of $698,600.
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7.1 percent increase in home prices
Sales in the Lone Star State is on pace to surpass the record set in 2007, with the number of transactions involving previously owned homes jumping 7.8 percent in the third quarter. People continue to put their homes on this hot market, with active listings rising 7.6 percent in the quarter compared with a year ago. But they are selling quicker than sellers can hammer “For Sale” signs in their lawns, with the average time spent on the market falling 6 days to 51 days.
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7.8 percent increase in home prices
Home sales in the Sunshine State jumped 13.4 percent in September, helping the median home price to record its 46th consecutive month of value increases. The strongest price gains came in Brevard County (32.6 percent), Flagler County (23.3 percent) and Lee County (20.9 percent). Miami recorded a 7.4 percent increase in home values, while Tampa posted a 6.1 percent gain, according to the most recent Standard & Poor’s/Case-Shiller home price index.
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8.6 percent increase in home prices
While closed sales in Sioux Falls, the largest city in the Mount Rushmore State, increased a mere 2.9 percent in September from last year, the number of pending sales offers a rosier outlook for sellers, up 41.3 percent. Potential homebuyers face tough conditions, though, with inventory shrinking 18.8 percent and the city’s home affordability index falling 9.4 percent.
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8.9 percent increase in home prices
The gain in home values follows a 10.2 percent rise in sales in the state’s most famous city, Las Vegas, largely on the strength of increased interest in single-family homes. There were also fewer short sales and sales of bank-owned homes in Las Vegas versus last year, while the going prices for these houses were higher. Just over a quarter of sold properties were bought by all-cash buyers, down from nearly a third last year.
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9 percent increase in home prices
The number of closed sales in the state jumped 9.1 percent in the third quarter as the months’ supply of homes for sale shrank by 14 percent. The state’s housing market had slowed earlier this year due to a cold, snowy winter, but pending home sales are in the double-digits and point to continued momentum.
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9.1 percent increase in home prices
The number of sales in Portland, Oregon’s largest city, rose 26.6 percent from last year to reach the highest total for any September since 2005. Year-to-date, pending sales are up 23.5 percent over 2014 and closed sales are 22.3 percent higher. Portland also recorded a 9.4 percent gain in home values in the latest Standard & Poor’s/Case Shiller index, which was the third largest increase among the 20 cities the index tracks.
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10 percent increase in home prices
Pending homes sales in Northwest Washington outpaced new listings in September, the right recipe for higher prices. Pending sales are up 7.9 percent versus a year ago, while closed sales leapt 17.5 percent. But real estate agents in the state expect a slowdown for the remaining months due to limited inventory, affordability issues and new mortgage disclosure rules.
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10.4 percent increase in home prices
Home values in the Centennial State grew the most in the country in September, according to CoreLogic. This shouldn’t come as a huge surprise given that Denver, the state’s capital and most populous city, tied San Francisco for the largest year-over-year increase in home prices (10.7 percent) in the most recent Standard & Poor’s/Case-Shiller home price report. Still, home sales in the state have experienced a three-month slowdown.
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