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Northeast Continues to Outpace West for Most May Home Price Growth

By May 23, 2018 No Comments
Clear Capital May 2018 HDI Market Report Home Price Growth

Providence, Rhode Island experiences most growth; overall nationwide growth slows

Nationally, quarter-over-quarter (QoQ) home price growth remained steady at 1 percent from April. 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 rose 0.1 percent to 1.3 percent QoQ growth for the month of May.

Las Vegas and San Jose, California continued as the West’s top performers, and both were among the top 15 performing metros nationwide. Las Vegas’ growth slowed from April, and rose 0.01 percent to 2.33 percent QoQ growth. San Jose, California rose 0.33 percent to 2.16 percent QoQ growth. Other metros that experienced growth and were among the 15 performing metros nationwide:

  • Seattle, Wash. rose 0.27 percent to 1.98 percent QoQ growth
  • Los Angeles, Calif. rose 0.11 percent to 1.52 percent QoQ growth
  • San Francisco, Calif. rose 0.27 percent to 1.49 percent QoQ growth
  • Phoenix, Ariz. rose 0.08 percent to 1.42 percent QoQ growth
  • Sacramento, Calif. rose 0.15 percent to 1.42 percent QoQ growth

Bakersfield, California fell 0.3 percent to 0.85 percent QoQ growth. Honolulu continued to experience negative growth, and rose 0.22 percent to negative 0.39 percent QoQ growth.

Northeast Region

The Northeast continued to outgrow the West with 1.4 percent QoQ growth for the month of May.

Providence, Rhode Island continued to lead the Northeast and was among the top 15 performing metros nationwide, rising a staggering 3.15 percent to 2.37 percent QoQ growth. Pittsburgh saw a rebound and rose 0.54 percent to 0.48 percent QoQ growth.

New York, N.Y. fell 0.08 percent to 1.31 percent QoQ growth

  • Philadelphia, Pa. fell 0.11 percent to 0.93 percent QoQ growth
  • Rochester, N.Y. fell 0.13 percent to 0.95 percent QoQ growth
  • Hartford, Conn. fell 0.08 percent to 0.84 percent QoQ growth

South Region

The South fell slightly to 0.7 percent QoQ growth for the month of May.

Metros that experienced growth and were among the 15 performing metros nationwide:

  • Atlanta, Ga. rose 0.19 percent to 1.58 percent QoQ growth
  • Nashville, Tenn. rose 0.2 percent to 1.57 percent QoQ growth

Memphis, Tennessee fell 0.15 percent to 1.09 percent QoQ growth. Among the South’s poor performers:

  • Miami, Fla. rose 0.01 percent to 1.06 percent QoQ growth
  • Raleigh, N.C. rose 0.09 percent to 1.01 percent QoQ growth
  • Birmingham, Ala. rose 0.32 percent to 0.66 percent QoQ growth

Metros that experienced negative growth and were among the bottom 15 performing metros nationwide:

  • New Orleans, La. fell 0.39 percent to negative 0.51 percent QoQ growth
  • San Antonio, Texas fell 0.44 percent to negative 0.37 percent QoQ growth
  • Virginia Beach, Va. fell 0.07 percent to negative 0.34 percent QoQ growth
  • Houston, Texas fell 0.59 percent to negative 0.33 percent QoQ growth

Midwest Region

The Midwest continued with strong QoQ growth of 1 percent for May.

Metros that experienced growth and were among the top 15 performing metros nationwide:

  • Columbus, Ohio rose 0.02 percent to 1.68 percent QoQ growth
  • Dayton, Ohio rose 0.2 percent to 1.65 percent QoQ growth
  • Detroit, Mich. rose 0.52 percent to 1.63 percent QoQ growth
  • Chicago, Ill. rose 0.05 percent to 1.41 percent QoQ growth

Cleveland, Ohio fell fell 0.01 percent to 1.54 percent QoQ growth, and Detroit fell 0.22 percent to 1.12 percent QoQ growth. The Midwest’s worst performers that were among the bottom 15 performing metros nationwide:

  • St. Louis, Miss. fell 0.03 percent to 0.97 percent QoQ growth
  • Cincinnati, Ohio fell 0.1 percent to 0.93 percent QoQ growth
  • Louisville, Ky. fell 0.03 percent to 0.58 percent QoQ growth
  • Milwaukee, Wis. fell 0.06 percent to 0.2 percent QoQ growth

Clear Capital May 2018 HDI Market 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.