The 9 States With the Hottest Housing Markets
Money + Markets

The 9 States With the Hottest Housing Markets

Flickr/Ival Meljac

U.S. home values rose again in October, and a handful of states reported increases exceeded the national average.

Housing prices increased 6.7 percent in October compared to the same month a year ago, according to the latest figures from CoreLogic. Home values also rose month-over-month by 1.1 percent, the company found.

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"Home prices are continuing to soar across much of the U.S. led by major metro areas such as Boston, Los Angeles, Miami and Denver,” said Anand Nallathambi, president and CEO of CoreLogic, in a statement. “Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates."

Last week, the National Association of Realtors pointed to the low supply of homes for weak growth in pending sales, which barely inched higher in October. "Low supply has kept prices elevated all year and has put pressure on the budgets of buyers," said NAR Chief Economist Lawrence Yun in a statement.

Overall, prices fell in only two states — Alaska and Connecticut — while a dozen states recorded price increases that outpaced the national average, according to CoreLogic. Here are the hottest markets:

No. 9: Texas: 6.7 percent increase in home prices
While home sales in Texas edged up less than a half-percent in the third quarter, the total volume of housing sales in the state is on track for a record year in 2016.

No. 8: South Dakota: 7.6 percent increase in home prices
As home values increase, the number of sales in South Dakota declined 2.1 percent in the first quarter versus the year before. Pending sales were off even more, down nearly 31 percent from last year.

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No. 7: Florida: 7.8 percent increase in home prices
Single-family home sales in the Sunshine State fell 5.3 percent in October from a year ago, while townhouse and condo sales dropped 12.3 percent. The decline was largely due to shortfalls in inventory.

No. 6: New York: 7.9 percent increase in home prices
The number of home sales in the Empire State fell nearly 8 percent from October 2015, but that still represents the second-highest October on record. Year to date, sales are 9.8 percent higher than the same period last year.

No. 5: Utah: 8 percent increase in home prices
The number of home sales in Utah slipped less than a percent in the third quarter compared with last year, according to figures emailed by the Utah Association of Realtors. But sales volume is up 1.8 percent year-to-date.

No. 4: Colorado: 8.4 percent increase in home prices
The number of home sales edged up a half-percent in October from the previous year, while year-to-date sales volume was up by 1.5 percent. The number of sales under contract increased 10 percent in October.

No. 3: Idaho: 8.5 percent increase in home prices
Home sales in the state’s most populous county, Ada County, rose 11 percent year-over-year in October, and the number of sales under contract rose 7.8 percent. Inventory shrunk 12.5 percent during the month.

No. 2: Oregon: 9.9 percent increase in home prices
Home sales in Oregon’s largest city, Portland, slipped 4.7 percent year-over-year in October, while pending sales were off 0.6 percent from the year before. Inventory shrunk 4.4 percent.

No. 1: Washington: 10.5 percent increase in home prices
Pending sales of homes in Northwest Washington hit a record high for November, while the number of closed sales spiked 31.3 percent in the month. Inventory dropped by 13.2 percent in November.