Delaware Entered The Top 3 For Home Prices Grow In 2018
DOVER, DELAWARE - May 29, 2018
According to Federal Housing Finance Agency report released last week, the average price of a Delaware home spiked 3.9 percent during the first three months of 2018. It’s the biggest price jump in any state except Oregon.
This price jump in Delaware's real estate edged out even the states that are home to red-hot urban housing markets, such as Colorado, Washington, Texas and Nevada.
Home prices in Nevada in five last years, after suffering one of the steepest declines during the Great Recession, have grown 78 percent. In Washington, it has been a 60-percent jump.
The unforeseen price surge was created by a sudden lack of the number of homes on the market, said home shoppers and real estate agents. Potential buyers who have waited on the sidelines in recent years now have finally been stepping into the market causing the growth. But still, Delaware has a long way to go before it shows the stable upward trend as in other western United States.
Putting the data into a national perspective, home prices rose in all 50 states and the District of Columbia between the first quarter of 2017 and the first quarter of 2018. The top five areas in annual appreciation were Nevada with 13.7 percent; Washington with 13.1 percent; Idaho with 11.1 percent; Colorado with 10.6 percent; and Utah 9.9 with percent.
U.S. house prices rose 1.7 percent in the first quarter of 2018. House prices rose 6.9 percent from the first quarter of 2017 to the first quarter of 2018.
Most statistics in the quarterly house price index report reference price changes computed by FHFA’s basic “purchase-only” HPI.
The HPI is a broad measure of the movement of single-family house prices. It serves as a timely, accurate indicator of house price trends at various geographic levels. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancing on the same properties. HPI tracks changes in home values for individual properties owned or guaranteed by Fannie Mae or Freddie Mac over the past 43 years using more than eight million repeat transactions. The “repeat-transactions” methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time.
The HPI includes indexes for all nine census divisions, the 50 states and the District of Columbia, and every Metropolitan Statistical Area (MSA) in the U.S., excluding Puerto Rico.