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Northeast Surpasses West for Most April Home Price Growth

By April 18, 2018 No Comments
Clear Capital April 2018 HDI Market Report Home Price Growth

New York and Philadelphia among highest performing major metros in region

Nationally, quarter-over-quarter (QoQ) home price growth experienced no change from March, maintaining one percent growth for 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 experienced no change from March, maintaining 1.2 percent QoQ growth for April.

Las Vegas and San Jose, California continued as top nationwide performers. Significant gains were seen in Las Vegas, which grew 0.07 percent to 2 percent QoQ growth, and San Jose, which grew 0.17 percent to 2.15 percent QoQ growth. Four major metros experienced growth:

  • Seattle, Wash. grew 0.2 percent to 1.71 percent QoQ growth
  • Tucson, Ariz. grew 0.35 percent to 1.58 percent QoQ growth
  • Los Angeles, Calif. grew 0.1 percent to 1.41 percent QoQ growth
  • Phoenix, Ariz. grew 0.15 percent 1.34 percent QoQ growth

Riverside, California remained among the top 15 nationwide performers, but dropped 0.14 percent to 1.36 percent QoQ growth. Oxnard, California saw a slight decline, dropping 0.06 percent to 0.79 percent QoQ growth. Honolulu experienced negative growth, dropping 0.61 percent to negative 0.6 percent QoQ growth.

Northeast Region

The Northeast surpassed the West for most home price growth nationwide, with 1.3 percent QoQ growth for April.

Providence, Rhode Island experienced no change from March, but continued to lead the Northeast with 1.76 percent QoQ growth. Additionally, three major metros experienced growth:

  • New York, N.Y. grew 0.11 percent to 1.23 percent QoQ growth
  • Philadelphia, Pa. grew 0.42 percent to 1.07 percent QoQ growth
  • Rochester, N.Y. grew 0.21 percent to 1.06 percent QoQ growth

Hartford, Connecticut dropped 0.04 percent to 0.92 percent QoQ growth. Pittsburgh experienced negative growth, dropping 0.29 percent to negative 0.16 percent QoQ growth.

South Region

The South experienced no change from March, maintaining 0.8 percent QoQ growth for April.

Among the top 15 nationwide performers from March were three newcomers to the list:

  • Atlanta, Ga. grew 0.17 percent to 1.39 percent QoQ growth
  • Nashville, Tenn. grew 0.16 percent to 1.37 percent QoQ growth
  • Tampa, Fla. grew 0.22 percent to 1.31 percent QoQ growth

Other major metros experiencing growth since March include:

  • Raleigh, N.C. grew 0.14 percent to 0.92 percent QoQ growth
  • Houston, Texas grew 0.14 percent to 0.92 percent QoQ growth
  • San Antonio, Texas grew 0.57 percent to 0.81 percent QoQ growth

Memphis, Tennessee fell out of the top 15 nationwide performers from March, dropping 0.35 percent to 1.25 percent QoQ growth. Major major metros experiencing growth declines:

  • Dallas, Texas dropped 0.63 percent to 1.01 percent QoQ growth
  • Washington, DC dropped 0.04 percent to 0.94 percent QoQ growth
  • New Orleans, La. dropped 0.4 percent to 0.91 percent QoQ growth
  • Virginia Beach, Va. dropped 0.07 percent to 0.42 percent QoQ growth
  • Birmingham, Al. dropped 0.08 percent to 0.34 percent QoQ growth

Midwest Region

The Midwest continued to grow, up 0.1 percent to 1.1 percent QoQ growth for April.

Two major metros experienced growth:

  • Columbus, Ohio grew 0.31 percent to 1.66 percent QoQ growth
  • Chicago, Ill. grew 0.14 percent to 1.37 percent QoQ growth

Cleveland and Dayton, Ohio were among the top 15 nationwide performers, although both experienced growth declines. Cleveland dropped 0.05 percent to 1.55 percent QoQ growth, and Dayton, Ohio dropped 0.6 percent to 1.45 percent QoQ growth. Detroit dropped 0.22 percent to 1.12 percent QoQ growth.

Three metros were among the bottom 15 nationwide performers:

  • St. Louis, Mo. dropped 0.19 percent to 1 percent QoQ growth
  • Louisville, Ky. experienced no change from March, maintaining 0.62 percent QoQ growth
  • Milwaukee, Wis. dropped 0.42 percent to 0.26 percent QoQ growth

Clear Capital April 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.