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Home Price Growth Closer to Parity Across Regions in July

Clear Capital July 2018 HDI Market Report

15 lowest performing metros nationwide still experienced positive quarter-over-quarter growth

Despite some fluctuations, all major metros tracked by Clear Capital experienced positive quarter-over-quarter (QoQ) home price growth for July. National QoQ home price growth remained steady at 1 percent, and national year-over-year (YoY) home price growth grew 0.1 percent to 7.1 percent. All data reported uses Clear Capital’s patent-pending QoQ measurement. This measurement uses the newest data to create timely indices in rolling quarter intervals, which significantly reduces multi-month lag time that may be experienced with other indices.

West Region

The West maintained 1.3 percent QoQ growth for July, and has maintained that growth since May.

Of the highest five performing metros nationwide, four are from the West:

  • San Jose, Calif. was the nation’s highest performing metro, growing 0.23 percent to 2.67 percent QoQ growth, and holding the highest YoY growth at 17.31 percent
  • Seattle, Wash. grew 0.11 percent to 2.16 percent QoQ growth
  • Fresno, Calif. grew 0.5 percent to 2.01 percent QoQ growth
  • Las Vegas, Nev. fell 0.16 percent to 1.92 percent QoQ growth, and fell 0.29 percent to 15.12 percent YoY growth

Three California metros were among the highest 15 performing nationwide:

  • Sacramento, Calif. grew 0.04 percent to 1.47 percent QoQ growth
  • San Francisco, Calif. fell 0.14 percent to 1.45 percent QoQ growth
  • Los Angeles, Calif. fell 0.11 percent to 1.44 percent QoQ growth

Riverside, California fell 0.2 percent to 0.86 percent QoQ growth, and was among the lowest 15 performing metros nationwide. Honolulu bounced back from consecutive months of negative QoQ growth, growing 0.72 percent to 0.4 percent QoQ growth. In addition, Honolulu grew 1.7 percent to 1.77 percent YoY growth.

Northeast Region

The Northeast maintained 1.2 percent QoQ growth for July.

  • Providence, R.I. fell 0.4 percent to 1.61 percent QoQ growth, and was among the highest 15 performing metros nationwide
  • New York, N.Y. fell 0.09 percent to 1.33 percent QoQ growth, and dropped out of the highest 15 performing metros nationwide

Two metros were among the lowest 15 performing metros nationwide, despite experiencing positive growth:

  • Hartford, Conn. grew 0.14 percent to 0.55 percent QoQ growth
  • Pittsburgh, Pa. grew 0.06 percent to 0.16 percent QoQ growth

South Region

The South maintained 0.8 percent QoQ growth for July.

The metros that experienced negative growth:

  • Memphis, Tenn. fell 0.58 percent to 1.39 percent QoQ growth, and was among the highest 15 performing metros nationwide
  • Miami, Fla. fell 0.03 percent to 0.95 percent QoQ growth
  • Baltimore, Md. fell 0.11 percent to 0.91 percent QoQ growth
  • Washington, DC fell 0.28 percent to 0.69 percent QoQ growth
  • San Antonio, Texas fell 0.43 percent to 0.65 percent QoQ growth

The metros that experienced positive growth:

  • Atlanta, Ga. grew 0.08 percent to 1.49 percent QoQ growth, and was among the highest 10 performing metros nationwide
  • Orlando, Fla. grew 0.03 percent to 1.39 percent QoQ growth, and was among the highest 15 performing metros nationwide
  • Raleigh, N.C. grew 0.03 percent to 0.87 percent QoQ growth
  • Virginia Beach, Va. grew 0.07 percent to 0.56 percent QoQ growth
  • Houston, Texas grew 0.15 percent to 0.54 percent QoQ growth
  • Birmingham, Ala. grew 0.15 percent to 0.54 percent QoQ growth

New Orleans was the nation’s worst performing metro, growing 0.18 percent to 0.09 percent QoQ growth, and falling 0.14 percent to 1.99 percent YoY growth.

Midwest Region

The Midwest remained steady with 1 percent QoQ growth for July.

  • Detroit, Mich. fell 0.03 percent from June to 1.63 percent QoQ growth, and was among the highest five performing metros nationwide
  • St. Louis, Mo. fell 0.49 percent to 0.37 percent QoQ growth, and was among the lowest 15 performing metros nationwide

Two Midwest metros were among the highest 15 performing metro areas nationwide, despite experiencing negative growth:

  • Columbus, Ohio fell 0.07 percent to 1.47 percent QoQ growth
  • Cleveland, Ohio fell 0.08 percent to 1.41 percent QoQ growth

Cincinnati grew 0.18 percent to 1.4 percent QoQ growth and was among the highest 15 performing metros nationwide. Louisville, Kentucky grew 0.1 percent to 0.62 percent QoQ growth and was among the lowest 15 performing metros nationwide.

About the Clear Capital® Home Data Index (HDI) Market Report
The Clear Capital HDI Market Report provides insights into market trends and other leading indices for the real estate market at the national and local levels. A critical difference in the value of the HDI Market Report is the capability of Clear Capital to provide more timely and granular reporting than nearly any other home price index provider.

Clear Capital® HDI Methodology

  • Generates the timeliest indices in patent pending rolling quarter intervals that compare the most recent four months to the previous three months. The rolling quarters have no fixed start date and can be used to generate indices as data flows in, significantly reducing the multi-month lag time experienced with other indices.
  • Includes both fair market and institutional (real estate owned) transactions, giving equal weight to all market transactions and identifying price tiers at a market specific level. By giving equal weight to all transactions, the HDI is truly representative of each unique market.
  • Results from an address-level cascade create an index with the most granular, statistically significant market area available.
  • Provides weighted repeat sales and price-per-square-foot index models that use multiple sale types, including single-family homes, multi-family homes, and condominiums.

 

The information contained in this report is based on sources that are deemed to be reliable; however no representation or warranty is made as to the accuracy, completeness, or fitness for any particular purpose of any information contained herein. This report is not intended as investment advice, and should not be viewed as any guarantee of value, condition, or other attribute.

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