Story by Navi Persaud for National Mortgage Professional
The West region was again the leader, with prices increasing 24.3% on a YOY basis. The strongest metropolitan statistical area (MSA) in the West was again, Phoenix, where prices rose 57%, reported Brent Nyitray of the Daily Tearsheet. Clear Capital notes that COVID-related noise might be exaggerating the numbers there, but strong appreciation there was confirmed by a 31% increase in price-per-square-foot. Other strong Western MSAs include Las Vegas (up 26%) and Portland (up 21%).
The South was the next best performer, with prices rising 20.5% YOY, according to the report. Tampa was the leader here, with prices rising 31%. Raleigh (up 25%) and Orlando (up 25%) were other top performers in the region. The Northeast saw prices rise 16.7% with the top performer being Providence, where prices rose 19%. Prices also increase by 18% in Hartford.
Meanwhile, prices in the Midwest increased by 15.9%, with Columbus, where prices rose 17% being a top performer.