Home prices rose 6.6% in May compared with the same month a year ago. Compared with April 2017 sales, prices rose 1.7%. Research firm CoreLogic expects June housing prices to rise another 5.3% year over year and by 0.9% month over month.
Only the states of Washington and Utah posted double-digit year-over-year home price growth in May, up 12.6% and 10.4%, respectively. Home price values fell in three states: Wyoming (−2.2%), West Virginia (−1.2%) and Alaska (−0.3%). The full CoreLogic listing of home price changes is included below.
The good news for homebuyers is that monthly increases have slowed since the beginning of the year. The not-so-good news is that the even the slower growth far outpaces income growth, making it harder for first-time buyers (especially) to get into the market.
CoreLogic’s CEO Frank Martell put the current market into a broader context:
For current homeowners, the strong run-up in prices has boosted home equity and, in some cases, spending. For renters and potential first-time buyers, it is not such a pretty picture. With price appreciation and rental inflation outstripping income growth, affordability is destined to become a bigger issue in most markets.
Consumer spending is driven by how flush consumers feel, and homeowners who are seeing home prices rise every month should be feeling pretty flush with cash right now. The variation among CoreLogic’s top 10 metro areas is between a May rise of 9.2% in Denver and 2.2% in Houston.
Here’s CoreLogic’s listing of year-over-year home price index increases by state for May:
| State | Price % Increase | Rank |
| Washington | 12.60% | 1 |
| Utah | 10.40% | 2 |
| Colorado | 9.70% | 3 |
| Oregon | 9.00% | 4 |
| Idaho | 8.40% | 5 |
| New York | 7.50% | 6 |
| Nevada | 7.30% | 7 |
| Michigan | 6.80% | 8 |
| Massachusetts | 6.50% | 9 |
| Florida | 6.40% | 10 |
| Hawaii | 6.40% | 10 |
| Arizona | 6.10% | 12 |
| New Hampshire | 6.00% | 13 |
| Georgia | 5.90% | 14 |
| California | 5.80% | 15 |
| Alabama | 5.60% | 16 |
| Minnesota | 5.50% | 17 |
| North Carolina | 5.50% | 17 |
| Wisconsin | 5.50% | 17 |
| Nebraska | 5.20% | 20 |
| Arkansas | 5.10% | 21 |
| Indiana | 4.90% | 22 |
| Montana | 4.90% | 22 |
| Texas | 4.90% | 22 |
| Missouri | 4.70% | 25 |
| South Carolina | 4.60% | 26 |
| District of Columbia | 4.20% | 27 |
| Rhode Island | 4.20% | 27 |
| Tennessee | 4.20% | 27 |
| Illinois | 4.00% | 30 |
| Louisiana | 4.00% | 30 |
| New Mexico | 3.80% | 32 |
| Pennsylvania | 3.70% | 33 |
| Maryland | 3.60% | 34 |
| Mississippi | 3.60% | 34 |
| Iowa | 3.40% | 36 |
| North Dakota | 2.80% | 37 |
| Kansas | 2.70% | 38 |
| Kentucky | 2.70% | 38 |
| Vermont | 2.60% | 40 |
| New Jersey | 2.40% | 41 |
| Virginia | 2.40% | 41 |
| Maine | 2.10% | 43 |
| Ohio | 1.80% | 44 |
| Oklahoma | 1.70% | 45 |
| Connecticut | 1.00% | 46 |
| South Dakota | 0.80% | 47 |
| Delaware | 0.40% | 48 |
| Alaska | -0.30% | 49 |
| West Virginia | -1.20% | 50 |
| Wyoming | -2.20% | 51 |
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.