Despite harsh weather, home prices in the U.S. held up in February, with four states setting record highs, according to CoreLogic data released Tuesday.
Home prices in Colorado, Nebraska, North Dakota and Texas hit peaks, and another 18 states were within 10% of their peak prices (see the above chart from CoreLogic).
Factors driving home prices include low inventory and strong employment growth. The Dallas area, for example, recently posted the third largest annual gain in jobs among 32 U.S. metropolitan divisions. Over in North Dakota, county populations are booming, and the state had the No. 1 rate of personal income growth last year.
Of note, the four states that posted record high prices in February also all missed the extreme price volatility seen during the housing bubble and its aftermath.
“While they had some declines, it was not the same magnitude of the hard hit states. So combined with relatively strong employment growth, it’s not a surprise that they are reaching record highs, which is the norm in healthy housing and economic markets,” said Sam Khater, CoreLogic’s deputy chief economist.