Home prices continue to chug along an upward track in the South, while lose steam in the West, according to Clear Capital’s recent market report. The median home price in the South has risen 5.7 percent since last year to date, with the average price per square foot at $ 106—more affordable than the national average of $ 135. Momentum in the West, meanwhile, has decelerated.
“As the Western region’s longstanding housing price growth dominance is beginning to fade, the South is the clear frontrunner as we begin to look forward to 2017 for top performing markets,” says Alex Villacorta, Ph.D., vice president of Research and Analytics at Clear Capital. “The region hosts several of the nation’s top-performing and most talked-about metropolitan markets like Dallas, Nashville, Miami, and others. Combined with its relatively low cost of living, the region appears to be gaining popularity among homebuyers, signaling a new opportunity for investors and traditional homebuyers alike as affordability remains an issue in many other markets, namely those in the West and Northeastern regions.”
Southern markets continue to dominate the report’s list of top-performing markets in the nation, with eight of the 15 top-performing metros belonging to the region. The Memphis, Tenn. metropolitan area currently takes the top spot on Clear Capital’s growth charts, reporting a 2.6 percent price increase over last quarter.
Home prices nationally, in addition, have grown 0.1 percent on a quarter-over-quarter basis, from 0.8 percent to 0.9 percent, and 0.3 percent year-over-year, reaching a 5.5 percent rate, according to the report.
Distressed saturation rates, as well, fell 0.7 percent from an average of 13.9 percent to 13.2 percent in the last month, with the Western average decelerating to a national low of just 9.2 percent.
Source: Clear Capital
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