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13 states registered price gains over the past year, and 33 states had increases in the second quarter, according to the CMHPI Purchase-Only Series.
- Modest annual price gains of 2 % or more occurred in North Carolina, North Dakota, Oklahoma, South Dakota, Texas and West Virginia which have benefited from stronger local economies.
- Annual drops of more than 10 % occurred in Arizona, California, Florida, Michigan and Nevada, which have experienced either weak local economic conditions or overbuilt markets.
West South Central Division (AR, LA, OK, TX):
Sales Up 1.7 % in the second quarter of 2008. -- Over the last 12 months, home values up 1.6 %, and during the last five years, home values up 27.3 %.
Middle Atlantic Division (NJ, NY, PA):
Sales Down 0.5 % in the second quarter of 2008. Over the last 12 months, home values up 2.6 %, and during the last five years, home values up 38.8 %.
East South Central Division (AL, KY, MS, TN):
Sales up 1.7 % in the second quarter of 2008. Over the last 12 months, home values down 0.2 %, and during the last five years, home values up 26.7 %.
East North Central Division (IL, IN, MI, OH, WI):
Sales up 1.8 % in the second quarter of 2008. Over the last 12 months, home values down 4.0 %, and during the last five years, home values up 8.5 %.
Mountain Division (AZ, CO, ID, MT, NM, NV, UT, WY):
Sales down 0.6 % in the second quarter of 2008. In the last 12 months, home values down 5.6 %; during the last five years, home values up 39.5 %.
West North Central Division (IA, KS, MN, MO, ND, NE, SD):
Sales up 1.9 % in the second quarter of 2008. Over the last 12 months, home values up 2.3 %, over the last five years, home values up 15.8 %.
South Atlantic Division (DC, DE, FL, GA, MD, NC, SC, VA, WV):
Sales down 0.3 % in the second quarter of 2008. Over the last 12 months, home values down 5.5 %, and during the last five years, home values up 33.7 %.
New England Division (CT, MA, ME, NH, RI, VT):
Sales up 0.3 % in the second quarter of 2008. Over the last 12 months, home values down 5.1 %, and during the last five years, home values up 18.1 %.
Pacific Division (AK, CA, HI, OR, WA):
Sales down 5.4 % in the second quarter of 2008. Over the last 12 months, home values down 11.4 %, and during the last five years, home values have up 48.1 %
Source: The Nathan Group
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