Regional spaces defined the market. The Midwest published average annual growth of 3.56%, led by Illinois (4.91%), Wisconsin (4.78%) and Nebraska (4.75%).
In the Northeast, New Jersey (5.6%) and Connecticut (5.26%) surpassed the nationwide trend, with Newark and Hartford taping annual gains of 6.73% and 6.27% respectively.
By contrast, parts of the West and South slipped into negative territory, consisting of Florida (2.36%), Colorado (1.31%), Hawaii and Utah (1.11%) and Texas (1.09%).
“The current information exposes a ‘two-speed’ real estate market; while high-cost coastal and sunbelt regions are undergoing price corrections, the Midwest and Northeast are showing remarkably durable due to their relative cost and stable employment bases,” said Cotality chief economist Dr. Selma Hepp.
“Ultimately, locations with constant task development will remain the primary engines for price appreciation, but they also have bigger inventory deficits, which are driving pressure on home prices.”