A decade after the mortgage crisis, U.S. home prices have recovered all the ground lost during the housing bust—and then some. The median U.S. home value rose 8.7% in April, the fastest year-over-year climb since June 2006 according to Zillow. With home prices at record highs, the housing market is showing no signs of slowing down, bolstered by a prospering economy and historic low unemployment rate.
A recent Gallup survey found that 64% of American adults think home prices in their market will increase this coming year, the highest percentage since prior to the Great Recession.
Real Estate Growth by State
With plenty of people deciding whether to buy or sell this summer, let’s look at the states that have seen the most and least growth in mortgage originations the past year, based on Experian’s data for the first quarter.
If you’re serious about buying a home, do your research on how to prepare in advance and you can start by reading these articles for tips to consider before making your purchase: