As the number of homes for sale nationwide continues to drop, much of the housing market is beginning to see a steep increase in asking prices. While the metro areas with the smallest inventories have experienced the greatest surge in prices, the trend is true for most of the country.
According to CoreLogic, their Home Price Index for June shows that home prices nationwide have shot up 6.5 percent from this time last year and that Colorado (+9.8 percent), Washington (+8.9 percent), New York (+8.3 percent), South Carolina (+8 percent) and Nevada (+8 percent) have experienced the highest home price appreciation during the same time period.
Image via flickr/401(K) 2012
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