Diminishing But Still High Increase in House Prices

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The most recently released data on the house sales in March 2014 reveals an increase in prices on an annual basis. The rate of increase is falling on a monthly basis, but the upward trend in prices is expected to remain. Considerable variations in the performance of the housing markets in different states are forecasted as well.

In March 2014, the home prices in the United States increased by 11.1% on an annual basis. The rate of increase has decreased, however. In February 2014 it was 12.2% after rising by 0.2% from January. The current rate of increase is close to the level of December 2013 when it was 11%. The rate of increase of home prices is expected to fall further in the coming months. . It is projected that home prices will increase by just 6.7% from March 2014 to March 2015.

There are considerable discrepancies between the prices in different parts of the country. California has the highest home price appreciation rate on an annual basis. It is equal to 17.2%. Nevada takes the second place with appreciation rate of 15.5%. It is followed by Georgia with 12.4%, Hawaii with 12.3% and Oregon with 12.2%.

At the same time, the home prices in many states have declined dramatically from their peak levels. Surprisingly or not, Nevada is the state with the largest peak rate to current rate decline. It is -39.9%. Florida comes second with -36.6%. It is followed by Arizona with -30.3%, Rhode Island with -28.1% and Illinois with -26.5%. Still, around half of the local markets are at or around 10% of their peak level and this is an indicator of good recovery.

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