Detroit Home Prices On The Rise | Clear Capital | News
HDI Market Report & Forecast

Motor City Comeback, Detroit Home Prices On The Rise

By September 5, 2017 No Comments
Detroit Home Prices On The Rise

Only Midwest MSA in the Top 15 Performing Markets

Clear Capital released its monthly Home Data Index™ (HDI™) report, revealing quarter-over-quarter accelerated home price appreciation growth for Detroit, Michigan. Despite Detroit’s gains, additional market data showed the Midwest continuing to trail the rest of the nation in price growth.

Market report data aggregated through August show accelerated growth for Detroit with quarter-over-quarter rates up from 0.9 percent to 1.3 percent. In addition, Detroit is the only MSA in the Midwest featured in the top 15 performing markets, according to current data.

Within the Midwest region, other MSAs are stalling or showing stagnant quarter-over-quarter growth. Four Ohio MSAs, Dayton, Cincinnati, Columbus and Cleveland, are among the slowest growing markets with quarter-over-quarter rates all at or below 0.2 percent. The Windy City, Chicago, growth continues to stall and is down from 1.3 percent to 1.1 percent since last month. Furthermore, Milwaukee’s negative growth from last month, has increased slightly from -0.2 percent to 0.3 percent quarter-over-quarter growth.

“The real stand-out in this month’s market report is Detroit,” shared Clear Capital CEO and Co-Founder Duane Andrews. “Considering just four years prior, Detroit was the largest city in U.S. history to file for Chapter 9 Bankruptcy protection, and to see a bounce back across the city’s quarter-over-quarter home price appreciation is both impressive and encouraging news for the industry and region.”

The Clear Capital August HDI report features the top 15 appreciating and depreciating MSAs based on quarter-over-quarter and year-over-year data, as well as national performance based on four separate regions: West, Midwest, South and Northeast.

Clear Capital’s HDI platform runs on patent-pending indexing technology and provides housing market data and analysis that assist mortgage lenders and financial organizations with a holistic view of market performance, trends and forecasting.

Home Data Index Market Report Detroit Home Prices On The Rise

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.

About Clear Capital®
Clear Capital is a nationwide provider of real estate valuations, data and analytics, quality assurance services and technology solutions. The Company’s customers include mortgage lenders, servicers, investors, GSEs, and Ratings Agencies. Clear Capital products include appraisals, broker price opinions, property condition inspections, value reconciliations, appraisal review and risk scoring, automated valuation models, home data indices, and platform solutions. The Company’s innovative technology, experienced valuation experts, and a well-trained network of more than 30,000 field experts sets a new standard for accurate, up-to-date, and well documented valuation data and assessments. Morningstar Credit Rating issued Clear Capital its highest Residential Vendor Ranking – MOR RV1.

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.

Clear Capital

Author Clear Capital

More posts by Clear Capital