Arizona & Nevada Home Prices Rise At 'Striking' Rate

The Phoenix Business Journal reports that the Office of Federal Housing Enterprise Oversight released a report Thursday that showed the average home price in the US shot up 13.4% from April 2004 through June 2005. That's the biggest increase for a comparable period in more than a quarter century.

The report also showed that prices in Arizona and Nevada continue to show "striking appreciation rates." Nevada posted the highest appreciation rate of all states, where home prices increased 28.1 percent over the last year and 5.5 percent for the second quarter. Arizona posted the second greatest annual home price growth, up nearly 10 percent in the second quarter alone.

The article gives a link to the 79-page report, which contains great charts and tables showing the appreciation rates of all states for the last year, the last five years and since 1980. More...