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Home Price Growth Declines Nationwide in August

By August 23, 2018 No Comments
Clear Capital August 2018 HDI Market Report

Typical phenomenon as higher-growth summer months wind down

National quarter-over-quarter (QoQ) home price growth fell 0.1 percent to 0.9 percent, and national year-over-year growth (YoY) fell 0.3 percent to 6.8 percent for August. 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 fell 0.1 percent to 1.2 percent QoQ growth for August.

San Jose, California was the nation’s highest performing metro, despite falling 0.14 percent to 2.53 percent QoQ growth. Las Vegas grew 0.05 percent to 1.97 percent QoQ growth, and Phoenix grew 0.05 percent to 1.41 percent QoQ growth.

Four West metros — San Jose, Calif., Seattle, Las Vegas, and Fresno, Calif. — were among the five highest performing metros nationwide.

The following metros all experienced declining QoQ growth, but still ranked among the 15 highest performing metros nationwide:

  • Seattle, Wash. fell 0.13 percent to 2.03 percent QoQ growth
  • Fresno, Calif. fell 0.07 percent to 1.94 percent QoQ growth
  • Los Angeles, Calif. fell 0.18 percent to 1.26 percent QoQ growth
  • Sacramento, Calif. fell 0.24 percent to 1.23 percent QoQ growth
  • San Francisco, Calif. fell 0.25 percent to 1.20 percent QoQ growth

The following metros were among the 15 lowest performing metros nationwide:

  • Tucson, Ariz. fell 0.28 percent to 0.80 percent QoQ growth
  • Oxnard, Calif. fell 0.31 percent to 0.77 percent QoQ growth
  • Honolulu, Hawaii fell 0.64 percent to negative 0.24 percent QoQ growth

Northeast Region

The Northeast fell 0.1 percent to 1.1 percent QoQ growth for August.

No Northeast metros ranked among the 15 highest performing metros nationwide.

Providence, Rhode Island, which has been among the 15 highest performing metros for most of the year, fell 0.57 percent to 1.03 percent QoQ growth, and is currently ranked No. 22 nationwide.

  • New York, N.Y. fell 0.21 percent to 1.12 percent QoQ growth
  • Hartford, Conn. fell 0.19 percent to 0.37 percent QoQ growth

Pittsburgh was the only Northeast metro to experience positive growth, growing 0.09 percent to 0.25 percent QoQ growth.

South Region

The South fell 0.2 percent to 0.6 percent QoQ growth for August.

Memphis, Tennessee grew 0.05 percent to 1.44 percent QoQ growth. San Antonio was the only South metro among the 15 lowest performing metros that experienced positive growth, growing 0.11 percent to 0.76 QoQ growth.

  • Nashville, Tenn. fell 0.01 percent to 1.37 percent QoQ growth
  • Atlanta, Ga. fell 0.25 percent 1.24 percent QoQ growth
  • Orlando, Fla. fell 0.16 percent to 1.23 percent QoQ growth
  • Raleigh, N.C. fell 0.02 percent to 0.85 percent QoQ growth
  • Miami, Fla. fell 0.16 percent to 0.79 percent QoQ growth
  • Baltimore, Md. fell 0.37 percent to 0.54 percent QoQ growth
  • Washington, DC fell 0.18 percent to 0.51 percent QoQ growth
  • Houston, Texas fell 0.05 percent to 0.49 percent QoQ growth
  • Virginia Beach, Va. fell 0.09 percent to 0.47 percent QoQ growth
  • New Orleans, La. fell 0.11 percent to negative 0.02 percent QoQ growth

Midwest Region

The Midwest fell 0.2 percent to 0.9 percent QoQ growth for August.

All Midwest metros — with the exception of Louisville, Kentucky — experienced declining QoQ growth for August. Louisville, Kentucky grew 0.13 percent to 0.75 percent QoQ growth. Detroit was among the five highest performing metros nationwide, despite falling 0.07 percent to 1.56 percent QoQ growth.

  • Columbus, Ohio fell 0.01 percent to 1.46 percent QoQ growth
  • Cincinnati fell 0.14 percent to 1.26 percent QoQ growth
  • St. Louis fell 0.27 percent to 0.10 percent QoQ growth

Clear Capital August 2018 Home Price Growth HDI ReportAbout 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.