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West Reclaims Title for Most Nationwide Home Price Growth in June

By June 25, 2018 No Comments
Clear Capital June 2018 HDI Market Report Home Price Growth

San Jose, California and Las Vegas nation’s top performing metros

Nationally, quarter-over-quarter (QoQ) home price growth remained steady at 1 percent from May. Year-over-year (YoY) home price growth grew 0.1 percent to 7 percent from May. 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 maintained 1.3 percent QoQ growth for June.

San Jose, California and Las Vegas were the nation’s top two performers. San Jose, California grew 0.1 percent to 2.44 percent QoQ growth, and held the highest YoY growth at 16.34 percent. Las Vegas fell 0.08 percent to 2.08 percent QoQ growth, and grew 0.2 percent to 15.41 percent YoY growth.

  • Seattle, Wash. grew 0.06 percent to 2.05 percent QoQ growth
  • San Francisco, Calif. grew 0.11 percent to 1.59 percent QoQ growth
  • Los Angeles, Calif. grew 0.03 percent to 1.55 percent QoQ growth
  • Fresno, Calif. grew 0.14 percent to 1.51 percent QoQ growth
  • Sacramento, Calif. grew 0.01 percent to 1.43 percent QoQ growth

Bakersfield, California saw a slight increase for June, and grew 0.08 percent to 0.93 percent QoQ growth. Honolulu grew 0.07 percent to negative 0.31 percent QoQ growth.

Northeast Region

The Northeast fell 0.1 percent to 1.2 percent QoQ growth for June.

Providence, Rhode Island, while still a strong performer, fell 0.37 percent to 2 percent QoQ growth. New York was among the top 15 nationwide performers, and grew 0.11 percent to 1.42 percent QoQ growth.

  • Rochester, N.Y. fell 0.06 percent to 0.89 percent QoQ growth
  • Philadelphia, Pa. fell 0.23 percent to 0.7 percent QoQ growth
  • Hartford, Conn. fell 0.43 percent to 0.42 percent QoQ growth
  • Pittsburgh, Pa. fell 0.38 percent to 0.1 percent QoQ growth

South Region

The South remained steady at 0.8 percent QoQ growth for June.

Memphis, Tennessee saw a sharp increase and grew 0.87 percent to 1.96 percent QoQ growth. Nashville, Tennessee and Atlanta remained among the top 15 nationwide performers. Nashville, Tennessee grew 0.15 percent to 1.72 percent QoQ growth, and Atlanta fell 0.17 percent to 1.41 percent QoQ growth.

Among the South’s worst performers: Virginia Beach, Virginia grew 0.14 percent to 0.97 percent QoQ growth, and Houston grew 0.06 percent to 0.39 percent QoQ growth.

  • Washington, D.C. fell 0.16 percent to 0.97 percent QoQ growth
  • Raleigh, N.C. fell 0.17 percent to 0.84 percent QoQ growth
  • Birmingham, Ala. fell 0.27 percent to 0.39 percent QoQ growth
  • New Orleans, La. fell 0.61 percent to negative 0.09 percent QoQ growth

Midwest Region

The Midwest continued strong with 1.1 percent QoQ growth for June.

Detroit grew 0.03 percent to 1.66 percent QoQ growth. Columbus, Ohio and Cleveland were among the top 15 nationwide performers. Columbus, Ohio fell 0.13 percent to 1.55 percent QoQ growth and Cleveland fell 0.04 percent to 1.49 percent QoQ growth.

Amongst the Midwest’s worst performers: Milwaukee grew 0.6 percent to 0.8 percent QoQ growth, St. Louis fell 0.11 percent to 0.86 percent QoQ growth, and Louisville, Kentucky fell 0.07 percent to 0.51 percent QoQ growth.

Clear Capital Home Price Growth for June 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.