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Sunny California Metros Are February’s Top Home Growth Performers

By February 15, 2018 No Comments
February Home Growth 2018 Clear Capital HDI Market Report

West & Northeast Regions Maintain Steady Growth, Midwest Growth Declines

Nationally, quarter-over-quarter (QOQ) home price growth maintained a steady climb of 0.9 percent with distressed saturation continuing to drop to 10.2 percent, down from 10.3 percent in January.

Western Region

Strong regional growth was revealed in the West with a 1.1 percent QOQ growth rate for the month of February; however, the West is now tied with the Northeast region for highest growth.

Top metropolitans include San Jose, California and Las Vegas, Nevada who appear unwavering performers with 2.27 percent and 2.14 percent QOQ growth, respectively. Las Vegas continues with its solid QOQ growth up 0.13 percent, along with year-over-year (YOY) growth increasing 0.38 percent from January.

Of the top 15 highest performing metros, four are from the West:

  • Riverside, California – 1.63 percent
  • Seattle, Washington – 1.44 percent
  • San Francisco, California – 1.39 percent
  • Bakersfield, California – 1.21 percent

Honolulu, Hawaii remained relatively unchanged with 0.60 percent QOQ growth, only down 0.01 percent from January. Oxnard, California also saw improvements for the month of February, up 0.12 percent to 0.59 percent QOQ growth.

Northeast Region

The Northeast maintains a foothold on regional home price appreciation with 1.1 percent QOQ growth for the month of February. Notable Northeast performers in February include:

  • Providence, Rhode Island made a rebound from January’s low and is up 0.55 percent to 2.05 percent QOQ growth.
  • New York, New York fell only slightly to 1.22 percent QOQ growth, down 0.03 percent from January, but still among the top 15 performing metros.
  • Philadelphia, Pennsylvania also made gains, up 0.15 percent to 0.59 percent QOQ growth.

In the poorest performing top 15 metros was Pittsburgh, Pennsylvania with 0.06 percent QOQ growth, down 0.09 percent.

South Region

The South has settled on 0.7 percent QOQ growth and has neither improved or declined from the previous month of January. Top movers in the Southern regions featured:

  • Memphis, Tennessee continuing its streak as the South’s top performer with 1.45 percent QOQ growth, despite a small decline from 0.30 percent in January.
  • Tampa, Florida and New Orleans, Louisiana reserved spots in the top 15 with QOQ growth of 1.36 percent and 1.33 percent, respectively.
  • Dallas, Texas saw a large increase, up 0.21 percent to 1.39 percent QOQ growth for February.

In the bottom performing 15 metros, eight were from the South region:

  1. Washington, D.C. –  0.78 percent, a gain of 0.13 percent
  2. Houston, Texas – 0.77 percent, a gain of 0.12 percent
  3. Orlando, Florida – 0.77 percent
  4. Richmond, Virginia – 0.71 percent

Four of the eight bottom performing metropolitan areas experienced negative growth:

  1. Raleigh, North Carolina – 0.71 percent, negative growth at 0.09 percent
  2. Birmingham, Alabama – 0.50 percent, negative growth at 0.19 percent
  3. Virginia Beach, Virginia – 0.45 percent, negative growth at 0.25 percent
  4. San Antonio, Texas – 0.38 percent, negative growth at 0.06 percent

Midwest Region

The Midwest region dipped slightly, down 0.1 percent to 0.8 percent QOQ growth for February. Detroit continues to experience solid growth for the month with QOQ growth rate of 1.73 percent. Additionally, Dayton and Cleveland, Ohio came in at 1.46 percent and 1.42 percent, respectively, and a gain of 0.19 percent. The Midwest’s lower performers were Louisville, Kentucky at 0.55 percent, down 0.12 percent from January. Minneapolis, Minnesota (0.76 percent) and Cincinnati, Ohio (0.72 percent) were also among the bottom 15.

The Clear Capital February’s 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.

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.

 

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.