Home prices soar in these cities, states

By U.S. EconomyFOXBusiness

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Home prices are still on the rise, but cost increases are greater for residents in some states’ housing markets than others.

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According to a new report from CoreLogic, home prices rose 6.8% year-over-year in June, as the Federal Reserve continues to raise interest rates and inventory remains tight. By June 2019, the financial and property data analytics firm forecasts prices will increase by another 5.1% nationwide.

However, for residents looking to buy a home in some West Coast and Midwest locales, prices have risen more steeply than in other areas of the country.

The biggest year-over-year price jump was seen in Nevada, where the average home was 12.6% more expensive in June when compared with the year prior. CoreLogic predicts prices in the state will rise by more than 9% over the period ending in June 2019.

In Washington state, home prices increased by 12.1% over the course of the year ending in June, the second largest jump during that timeframe. Meanwhile, in Idaho, prices rose by 11.4%.

Also experiencing double digit price increases? Utah, which saw costs surge by 10.4%. Prices in the state are expected to climb by another 5.3% over the coming year.

When it comes to specific metro areas, in the 12 months leading up to June, Las Vegas saw the biggest spike in prices, at 12.9%, followed by San Francisco at 11.2% and Denver at 8.1%. CoreLogic found that prices in 41% of the top 100 metropolitan markets were overvalued, which has posed a problem for younger Americans looking to enter the market.

On the other end of the spectrum, Connecticut saw just a 0.1% increase in housing prices, the lowest of any state. In North Dakota, the average cost rose by just 1.2%, while home prices increased by 1.7% in Louisiana.