Second quarter brings rise in home prices

Depending on the region a person is moving to, they might find higher home prices.

Home prices in 27 states rose in the second quarter, reported the Federal Housing Finance Agency. The greatest increase was in the state of Arkansas, where home prices in the second quarter of this year ballooned 2.08 percent. Kansas had the second-highest increase at 2.01 percent.

On a year-over-year basis, home prices in California had the largest increase, climbing 1.9 percent, said the report. Year-over-year home prices in Idaho, on the other hand, shot down 10.99 percent, the largest decrease in the country.

On a quarterly basis, Washington, D.C. was far and away the region of the country that had the biggest home price decline. Second quarter prices in the District of Columbia fell 6.71 percent. The only state to come close was Vermont, where home prices went down 2.96 percent.

The relative affordability of homes in Washington, D.C. might have inspired some families to move there. According to RealEstate Business Intelligence, year-to-date home sales in the district are 24.5 percent better than they were at this point last year.

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