Highest Performing Housing Markets (Washington, DC = #1)

7 Highest-Performing Major Housing Markets

Several real estate markets are starting to show signs of improvement with home prices in the last quarter as the industry demonstrates more signs of stabilizing, according to Clear Capital’s latest monthly Home Data Index Market Report.

REO saturation rates have improved in the majority of the country’s largest markets. However, many areas are still battling year-over-year price declines. Clear Capital’s index reports that quarter-over-quarter home price declines were 2.3 percent in the latest quarter, which is less than half compared to the previous month.

“The latest market report results through May suggest that home prices are starting to ease back from the heavy declines seen over the winter,” says Alex Villacorta, director of research and analytics at Clear Capital. “We are still far away from the strong demand needed to fully turn things around for the housing market. However, it is clear from  the initial spring sales data that prices are softening, suggesting stabilization in the market.”

The High Performers
Seven of the top 15 markets posted quarter-over-quarter property price gains in this month’s report, compared to none in last month’s, according to Clear Capital. Here are the seven highest-performing major real estate markets, according to the report.

1. Washington, D.C.-Arlington,
Va.-Alexandria, Va.

Quarter-to-quarter home
price change: 4.5%

Year-to-year price changes
(May 2010-May 2011): 4.9%

REO saturation:
17.5%

2. St. Louis, Mo.
Quarter-to-quarter home price change: 2.2%
Year-to-year price changes: -11.4%
REO saturation: 35.3%

3.
Pittsburgh, Pa.

Quarter-to-quarter home price
change: 1.6%

Year-to-year price changes:
0.3%

REO saturation: 10.9%

4. New York, N.Y.-Long Island, N.Y.-No. New Jersey,
N.J.

Quarter-to-quarter home price change:
1.5%

Year-to-year price changes:
1.4%

REO saturation: 9.6%

5. Virginia Beach, Va.-Norfolk, Va.-Newport News,
Va.

Quarter-to-quarter home price change:
1.4%

Year-to-year price changes:
-13.2%

REO saturation:
22.4%

6. Miami-Ft. Lauderdale-Miami Beach,
Fla.

Quarter-to-quarter home price change:
0.6%

Year-to-year price changes:
-5.2%

REO saturation:
39.6%

7. San Jose-Sunnyvale-Santa Clara,
Calif.

Quarter-to-quarter home price change:
0.5%

Year-to-year price changes:
-5%

REO saturation: 25%

Tthe lowest-performing market for the fifth straight month was  Detroit-Warren-Livonia, Mich., with a 13.2 percent decrease in  quarter-over-quarter home price change and a 58 percent REO saturation rate.

Source: “Clear Capital Reports Quarterly Home Price Decline Slows; Signs of Market Stability as Summer  Approaches,” Clear Capital (June 9, 2011)

Advertisements


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s