Week of March 25, 2019

Rise in median home prices caused by REO sales

Median price by state

Median price by state

Percentage increase by state

Percentage increase by state
State Name Actual Median Price Median selling price change after removing REO sales
National $215,962 2.80%
Alabama $128,253 4.09%
Alaska $267,081 4.99%
Arizona $237,304 1.57%
Arkansas $130,466 4.85%
California $469,368 1.63%
Colorado $349,145 0.67%
Connecticut $217,733 6.60%
Delaware $192,911 4.50%
District of Columbia $529,853 1.91%
Florida $214,654 2.49%
Georgia $181,041 2.19%
Hawaii $566,370 2.41%
Idaho $239,812 0.97%
Illinois $163,830 4.99%
Indiana $157,918 2.90%
Iowa $127,933 1.62%
Kansas $187,195 3.31%
Kentucky $134,580 3.28%
Louisiana $161,887 4.11%
Maine $206,531 4.01%
Maryland $266,947 4.52%
Massachusetts $371,906 2.18%
Michigan $129,108 4.60%
Minnesota $206,542 1.63%
Mississippi $172,353 2.99%
Missouri $159,750 3.14%
Montana $244,725 2.16%
Nebraska $157,315 1.07%
Nevada $285,447 1.60%
New Hampshire $232,248 1.62%
New Jersey $255,176 8.94%
New Mexico $194,490 5.85%
New York $288,673 3.23%
North Carolina $188,736 1.73%
North Dakota $184,355 3.01%
Ohio $125,826 2.47%
Oklahoma $121,038 3.27%
Oregon $302,064 2.63%
Pennsylvania $153,632 4.14%
Rhode Island $247,707 2.94%
South Carolina $174,453 2.76%
South Dakota No Data No Data
Tennessee $159,413 3.32%
Texas $227,827 2.27%
Utah $307,985 0.86%
Vermont No Data No Data%
Virginia $237,750 5.15%
Washington $332,110 0.92%
West Virginia $119,793 3.18%
Wisconsin $155,979 1.94%
Wyoming $220,387 5.99%

Real estate-owned (REO) property, or property owned by a lender after an unsuccessful foreclosure auction, had the greatest increase on median home prices in Connecticut and New Jersey at the end of 2018.1 In November 2018, REO properties affected New Jersey prices by 8.94% and Connecticut by 6.60%. Both were in the top three states affected by REO in September 2018.

REO inventory had the least impact in Western states. The influence on median prices was lower than 1% in Colorado, Idaho, Utah and Washington.

1 Source data: CoreLogic®

Data date: 2/21/2019

 

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