States With Strongest Housing Markets
September 10, 2012 by staff
States With Strongest Housing Markets, The housing market is showing signs of a recovery, albeit a halting one. In 10 states, median home prices increased by more than 5.5 percent from July 2011 to July of this year. While there is no single reason why housing markets in these states have done so well, most have several things in common.
Many of them, like North Dakota and South Dakota, have maintained jobless rates at nationwide lows. In these states, home prices barely dropped when the national housing bubble burst. Since then, home prices in some of have even risen, while the national market plummeted. In these economically stable areas, home prices are expected to continue to move higher, although recoveries are expected to be modest.
However, some of the states with the biggest home price increases were hit particularly hard by the housing collapse. In Florida and Arizona, home prices dropped by nearly 50 percent. In Nevada the drop was nearly 60 percent. In all three states, the recovery is expected to be temporary. Median home value change will lag the national trend in the next year, but will improve over the next five years according to Fiserv.
1 yr. home price change: +16.6 percent
Median home price: $248,229
Unemployment rate: 8.3 percent (18th highest)
1 yr. home price change: +10 percent
Median home price: $85,000
Unemployment rate: 7.5 percent (25th lowest)
1 yr. home price change: +9.3 percent
Median home price: $129,000
Unemployment rate: 6.0 percent (11th lowest)
4. South Dakota
1 yr. home price change: +8.3 percent
Median home price: $101,700
Unemployment rate: 4.4 percent (3rd lowest)
1 yr. home price change: +7.3 percent
Median home price: $240,000
Unemployment rate: 8.3 percent (20th highest)
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