Regional Price Data

I came across this post from the National Association of Realtors and thought it was very interesting. Our area is experiencing very strong price gains.

• Earlier this week, we looked at the FHFA and Case-Shiller release focusing on national data trends. Today, we’ll dig a bit deeper to look at more local data at the regional and city or MSA level.
• Monthly FHFA releases data at the Census division level and quarterly it releases state and metro area data. Case-Shiller offers data on 20-cities monthly. Both of these sources confirm the trend seen in NAR measures.
• At the regional level: the most robust home price gains from a year ago were in the West. NAR reported price change of 14.1% in January and 18.0% in February. According to FHFA year over year prices in January 2014 rose 14.0 percent in the Pacific division which includes Hawaii, Alaska, Washington, Oregon, and California and 11.0 percent in the Mountain division which includes Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico.
• Likewise, NAR data showed the smallest price gains from a year ago in the Northeast (6.6% for the year ending in January and 1.5% for the year ending in February), and FHFA showed a similar pattern. Prices rose 3.7 percent in New England (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut) and 3.2 percent in the Middle Atlantic states (New York, New Jersey, Pennsylvania) from January one year ago.
• Among cities, Case-Shiller reported the biggest year over year gains in Las Vegas and San Francisco. Each had more than 20% year over year gains. They were followed closely by San Diego and Las Angeles, metro areas with more than 18% year over year gains. The smallest gains in Case Shiller’s cities were Cleveland at 4.0 percent and New York at 6.7 percent.