These are the 10 states with the most stable housing market in the US

The three most important things in real estate: location, location, location. And the US real estate market is in a strange place right now.

Mortgage interest rate nearly doubled from a year ago, reflecting the Federal Reserve’s campaign to curb inflation. But they also evaporationincluding some sharp declines from week to week.

House prices remain stuck at historic highs with bidding wars reported in some places, even as Inventories of homes for sale start to increase and housing markets across the country, including some of the largest in the states below, are beginning to cool.

Where is everything heading? recently revised 2022 forecast, which is now calling for a 6.7% drop in sales this year. Forecasters had previously called for a 6.6% increase. But even if the new forecast is correct, it will still be the second-biggest sales year since 2007, just behind last year.

As always, some states will have better fares than others. Because companies consider the local housing market in their location decisions, CNBC’s Top US Countries for Business the study assesses the health of each state’s housing market as part of the broader Economic category, which accounts for 13% of the state’s total score this year Methodology. The housing index looks at year-over-year price increases, new construction each year, as well as foreclosures and insolvency in the first quarter.

Looking for a safe place to weather a potential housing storm? These ten states are the most stable.

10. South Dakota

Deadwood, South Dakota

John Elk | Image Bank | beautiful pictures

A solid economy in Mount Rushmore State has a steady increase in prices. Foreclosure activity is very low, but rising levels of underwater mortgages could herald some subsurface cracks.

Economic Ranking 2022: No. 12 (US Top Grade: B-)

Evaluation: 20.1%

Number of starts per 1,000 population: 8.8

Foreclosure rate: 1 in 17,724 housing units

Underwater mortgages: 4.8%

9. South Carolina

Contractors work on the roof of a home under construction in the Stillpointe subdivision in Sumter, South Carolina, on Tuesday, July 6, 2021.

Green Micah | Bloomberg | beautiful pictures

Inventories remain historically scarce with bidding wars still occurring in many parts of the world South Carolina market, and prices continue to rise steadily. However, new construction is on the rise and the strain on existing loans is coming under control.

Economic Ranking 2022: No. 13 (tie) (US 1st place: B-)

Evaluation: 21.4%

Number of starts per 1,000 population: 9.5

Foreclosure rate: 1 in 1,081 housing units

Underwater mortgages: 3.4%

8. Arizona

A worker builds a new home at a housing development in Phoenix, Arizona.

Justin Sullivan | beautiful pictures

Prices here are rising higher than in any other state. But new construction is also booming, which eases Arizonainventory of crunch. Rising foreclosure prices are a potential cause for concern, but home ownership is solid.

Economic Ranking 2022: No. 22 (tie) (US 1st place: C-)

Evaluation: 27.4%

Number of starts per 1,000 population: 9

Foreclosure rate: 1 in 1,861 housing units

Underwater mortgages: 1.4%

7. Vermont

A traditional house in Vermont.

Gerard Sioen | beautiful pictures

6. Tennessee

A house in Nashville, Tennessee.

Isabella Pino | Universal Image Group | beautiful pictures

Tennessee has the second strongest overall economy in the country, and the stable and strong housing market is the main reason why. House prices are rising along with economic output. New construction is still good, although foreclosures and underwater mortgages are starting to increase.

Economic Ranking 2022: No. 2 (US First: A+)

Evaluation: 24.1%

Number of starts per 1,000 population: 8.2

Foreclosure rate: 1 in 2,797 housing units

Underwater mortgages: 2.9%

5. Idaho

‘New Homes’ sign near CBH Homes Copper River Basin Community in Nampa, Idaho, October 19, 2021.

Kyle Green | Bloomberg | beautiful pictures

IdahoThe housing market has been hot for a while. Buying a home in Bang Gem is not for the faint of heart. However, new construction is slowly starting to ease the inventory squeeze. Increased foreclosures are a potential warning sign if the economy slips into recession.

Economic Ranking 2022: No. 5 (US 1st: A)

Evaluation: 27%

Number of starts per 1,000 population: 10.5

Foreclosure rate: 1 in 6,015 housing units

Underwater mortgages: 1.6%

4. Texas

A residential area in Austin, Texas, on Sunday, May 22, 2022.

Jordan Vonderhaar | Bloomberg | beautiful pictures

Texas‘population growth is helping to fuel a housing boom, but one that’s not out of reach. New homes for these new residents are popping up rapidly, and home ownership is good.

Economic Ranking 2022: No. 8 (US First Class: A-)

Evaluation: 19.3%

Number of starts per 1,000 population: 8.9

Foreclosure rate: 1 in 2,326 housing units

Underwater mortgages: 2.5%

3. Florida

Signed single-family home in St. Cloud, Florida.

Jeff Greenberg | Universal Image Group | beautiful pictures

It’s almost all sunshine and clear light Floridahousing market. Prices are jumping, but so is the construction team. Soaring foreclosure rates in a state known for boom and bust cycles could be a cloud on the horizon.

Economic Ranking 2022: Number 4 (U.S. Top Grade: A)

Evaluation: 25.7%

Number of starts per 1,000 population: 9.6

Foreclosure rate: 1 in 1,211 housing units

Underwater mortgages: 1.4%

2. Washington

A “For Sale” sign is posted outside a residential home in the Queen Anne neighborhood of Seattle, Washington, May 14, 2021.

Karen Ducey | Reuters

WashingtonIts impressive economic growth has kept its housing market one of the hottest in the nation for several years now, despite predictions of a collapse. The lack of new construction is probably keeping prices high and continues to raise concerns about the stability of the market.

Economic Ranking 2022: No. 3 (U.S. Top Grade: A)

Evaluation: 20.1%

Number of starts per 1,000 population: 7.3

Foreclosure rate: 1 in 4,965 housing units

Underwater mortgages: 1.2%

1. Utah

A worker uses a Volvo AB excavator to make roads during residential construction in Saratoga Springs, Utah.

George Frey | Bloomberg | beautiful pictures

No matter how you look at it, the housing market in the Beehive State is buzzing. Prices are rising at the second highest rate in the country, but with the nation’s fastest rate of new construction, a lot of new inventory is being built. Utah. Manageable foreclosures and homeownership values ​​are strong in the nation’s leading housing market.

Economic Ranking 2022: No. 6 (U.S. First: A)

Evaluation: 27.1%

Number of starts per 1,000 population: 12.2

Foreclosure rate: 1 in 2,063 housing units

Underwater mortgages: 1.4%

Data sources: CNBC Top US State Research, Federal Housing Finance Agency, US Census Bureau, ATTOM Data Solutions.

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