As reported by HousingWire earlier this morning, U.S. home prices increased 1.1% monthly in May and 5.4% annually, according to the data and analytics division of Black Knight Financial Services’ latest Home Price Index report.
However, a deeper look into the report shows that much of the increase in home prices is occurring where you may least expect it: Idaho.
Idaho had the most movement among the states with an increase of 1.9% followed by North Dakota at 1.8%.
Here are the top 10 movers at the state level:
- Idaho: 1.9%
- North Dakota: 1.8%
- Utah: 1.7%
- New Mexico: 1.6%
- Colorado: 1.6%
- Oklahoma: 1.6%
- New Hampshire: 1.6%
- Wisconsin: 1.5%
- Oregon: 1.5%
- Michigan: 1.5%
Surprisingly, mountain states experienced the most increase in top-performing metro areas, accounting for eight of the top 10 metro areas.
Here are the top 10 movers at the metro level:
- Cheyenne, Wyoming: 2.1%
- Fort Collins, Colorado: 2.1%
- Idaho Falls, Idaho: 2%
- Cleveland, Ohio: 2%
- Lewiston, Idaho: 2%
- Pocatello, Idaho: 1.9%
- Provo, Utah: 1.9%
- Jackson, Michigan: 1.9%
- Coeur d’Alene, Idaho: 1.9%
- Farmington, New Mexico: 1.9%
While pricing in Idaho continues to increase, in some parts the low interest rates and strong local economy are keeping affordability in check, according to an article by Breanna Vanstrom for Boise Regional Realtors.
While the growth in these areas may seem like a surprise, Zillow actually predicted at the beginning of 2016 that certain markets in Colorado, Idaho and Utah would perform well, and ranked them in its forecast of 2016’s hottest markets.
