California led the nation in terms of prices. The median sales price for a single-family home there was $700,000 in July.
While prices rose nationwide by 2.5% annually in July, 11 states saw home prices fall, according to the CoreLogic Home Price Index.
All of the 11 states where home prices fell were in the West, and Idaho led the charge, with home prices falling by 5.7% on an annual basis. Nevada and Montana also saw price drops of 4.2% and 3.6%, respectively.“The 11 states that saw home price declines were all in the West, but since many of those markets continue to struggle with inventory shortages, that trend may be short-lived, and recent buyer competition will cause prices to heat up again,” CoreLogic noted.
The East Coast continued to see strong price growth. Home prices grew the most on an annual basis in Vermont, up 8.5%, followed by New Hampshire and New Jersey, both up 7.3%.
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