On page 48 of this morning's release of the FHFA home price index for the second quarter is the following list of areas with the fastest home price appreciation in the U.S. over the past 12 months.
National MSAs, 1 year home price appreciation ranking.
1. Stockton-Lodi, CA 19.40%
2. Phoenix-Mesa-Scottsdale, AZ 18.47%
3. Las Vegas-Henderson-Paradise, NV 17.59%
4. Bend-Redmond, OR 16.73%
5. Modesto, CA 16.01%
6. Sacramento--Roseville--Arden-Arcade, CA 15.45%
7. Vallejo-Fairfield, CA 15.42%
8. Reno, NV 15.09%
9. Madera, CA 14.78%
10. Oakland-Hayward-Berkeley, CA 14.56%
Of course, virtually all of these cities topped the price deprecation lists if you go a few years back. For example, the Q4 2008 release showed Stockton at 291 out of 292 metro areas with -41% change in home values over 1 year. (Merced was last with -49% change in that release.) Even people like me who felt local property values had dropped too far should be mildly surprised and slightly impressed to see the Stockton MSA at #1 on this list.