California is nation’s hottest home market

As an encouraging bit of news, CoreLogic’s recent analysis (posted on the Orange County Register’s website) shows that California leads all other states in amount of home sales for May.

CoreLogic put California at the top of the national real estate charts for May, with its home-price report saying Golden State home prices rose 7.9% in a year when all sales are considered (and up 6.1% in the 12 months ended in May when distressed homes are taken out of the math!)

Nationally, prices were up 2.9% in a year for all deals and up 0.9% minus distressed deals.

“Home price appreciation stabilized as homebuyer tax credit driven sales peaked in late spring,” said Mark Fleming, chief economist for CoreLogic. “But given that the labor market and income growth remain tepid we expect prices to moderate and possibly decline the rest of the year.”

Here’s how the national home-price picture shaped up in May, by CoreLogic’s math, ranked by year-over-year change in pricing for all deals …

State All Minus distress State All Minus distress
California 7.9% 6.1% Delaware 1.3% 2.6%
Virginia 6.8% 3.8% Kentucky 1.3% 0.9%
Massachusetts 5.7% 3.0% Wisconsin 1.2% 0.0%
Rhode Island 5.5% 0.4% New York 1.0% 2.2%
Vermont 5.1% 2.2% Indiana 0.7% -1.8%
Maine 4.6% 1.8% Tennessee -0.1% 1.1%
South Dakota 4.1% 3.6% North Dakota -0.4% -0.8%
Ohio 3.8% 0.7% Kansas -0.5% -0.3%
Montana 3.5% 1.2% North Carolina -0.7% -1.2%
Nebraska 3.3% 1.6% New Jersey -1.0% -0.4%
Minnesota 3.2% 0.4% Arizona -1.3% -6.3%
South Carolina 3.2% 0.6% Utah -1.4% -0.1%
New Hamp. 3.0% 1.9% Mississippi -1.6% 3.8%
U.S. 2.9% 0.9% Florida -1.9% -3.3%
Arkansas 2.9% 0.7% Alaska -2.0% -0.1%
Iowa 2.8% 2.1% Illinois -2.1% -2.0%
Colorado 2.8% 0.9% Pennsylvania -2.3% -1.9%
Georgia 2.7% -1.2% Washington -2.6% -3.0%
Missouri 2.5% 1.5% Louisiana -2.7% 0.1%
DC 2.4% 3.7% Nevada -2.8% -7.9%
Hawaii 2.3% 1.5% Oregon -2.9% -2.1%
West Virginia 2.0% 0.4% Maryland -3.1% 0.5%
Oklahoma 1.9% 1.1% Wyoming -3.1% -0.3%
Connecticut 1.6% 0.8% New Mexico -4.2% -2.6%
Texas 1.5% 0.7% Alabama -5.3% -1.4%
Michigan 1.3% -5.4% Idaho -6.6% -2.3%
Renee West
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Renee West

Broker Associate at Villa Real Estate
I'm a real estate broker associate in Newport Beach & Corona del Mar, CA, with Villa Real Estate.
Contact me at (714) 914 9060 or rwest@villarealestate.com for all your real estate wants and needs.
Renee West
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