According to the Federal Housing Finance Agency House Price Index, national house prices in the fourth quarter of 2018 were 5.7 percent higher than in the fourth quarter of 2017, with house prices increasing over the year in 49 states and the District of Columbia. North Dakota saw no change in its prices over the year.
Over the year, the largest increases in house prices were in Idaho (11.9 percent) and Nevada (11.2 percent). In total, 32 states and the District of Columbia saw house prices increase 5.0 percent or more. Aside from North Dakota, which saw no change over the year, the states with the smallest price increases were Connecticut (0.9 percent), West Virginia (1.6 percent), and Louisiana (1.8 percent).
Before the Great Recession, national house prices peaked in the first quarter of 2007. Since the end of the recession, the national house price index has recovered, and in 2016, it surpassed the 2007 peak. As of the fourth quarter of 2018, national house prices were 18.5 percent above the previous peak, and they were above their first-quarter 2007 levels in 45 states and the District of Columbia. The District of Columbia saw the largest increase (72.1 percent), followed by Colorado (69.5 percent), Texas (57.8 percent), and North Dakota (53.0 percent). No other state saw prices increase more than 40.0 percent, but 20 additional states had house prices 20.0 percent or more above their first-quarter 2007 levels.
However, prices have not yet reached 2007 levels in 5 states: Connecticut (-12.0 percent), New Jersey (-6.2 percent), Maryland (-5.9 percent), Delaware (-4.6 percent), and Illinois (-4.0 percent).
For more on housing price changes since the recession, see our Historical page.