A newly released report reveals a tale two different coastal housing markets. While one side of the United States is experiencing a high appreciation rate, the other isn’t. What type of housing market are you located in?
While the U.S. residential market is gaining momentum some markets are doing significantly better than others, according to data Veros Real Estate Solutions, a risk management, collateral valuation services and predictive analytics firm.
The latest VeroFORECAST also found two interesting market areas, one on each coast, that reflect both the predicted top and bottom growth areas in the residential market.
The national forecast grew to 3.2% annual appreciation for the 12-month period ending March 1, 2016, increasing over the previous forecasted rate last quarter of 2.4%. The national real estate market forecast covers 967 counties, 333 metro areas, and 13,549 zip codes.
Veros report revealed a "Tale of Two Coasts" in the forecast's top and bottom residential markets. Six out of the top 10 appreciating markets are located within a 75-mile radius in the Bay Area of California. Conversely, six of the bottom 10 markets are located within a 100-mile radius in the Northeast coastal area.
"We continue to see the same factors influencing the appreciation or depreciation of residential markets across the country," stated Eric Fox, Veros' vice president of statistical and economic modeling and developer of VeroFORECAST. "Unemployment rates, housing supplies, and population trends remain the primary factors affecting the housing market. Their impact is clearly reflected in the market forecasts for these coastal areas."
*Markets demonstrated are for residential real estate in metro areas (typically greater than 100,000 residents) among single-family homes in the median price tier.
The latest VeroFORECAST also found two interesting market areas, one on each coast, that reflect both the predicted top and bottom growth areas in the residential market.
The national forecast grew to 3.2% annual appreciation for the 12-month period ending March 1, 2016, increasing over the previous forecasted rate last quarter of 2.4%. The national real estate market forecast covers 967 counties, 333 metro areas, and 13,549 zip codes.
Veros report revealed a "Tale of Two Coasts" in the forecast's top and bottom residential markets. Six out of the top 10 appreciating markets are located within a 75-mile radius in the Bay Area of California. Conversely, six of the bottom 10 markets are located within a 100-mile radius in the Northeast coastal area.
"We continue to see the same factors influencing the appreciation or depreciation of residential markets across the country," stated Eric Fox, Veros' vice president of statistical and economic modeling and developer of VeroFORECAST. "Unemployment rates, housing supplies, and population trends remain the primary factors affecting the housing market. Their impact is clearly reflected in the market forecasts for these coastal areas."
| Projected Twenty-Five Strongest Markets* | ||
| 1 | Santa Rosa-Petaluma, CA | +10.0% |
| 2 | San Francisco-Oakland-Fremont, CA | +9.9% |
| 3 | Denver-Aurora-Broomfield, CO | +9.3% |
| 4 | San Jose-Sunnyvale-Santa Clara, CA | +9.2% |
| 5 | Austin-Round Rock-San Marcos, TX | +8.8% |
| 6 | Santa Cruz-Watsonville, CA | +8.7% |
| 7 | Vallejo-Fairfield, CA | +8.6% |
| 8 | Salinas, CA | +8.5% |
| 9 | Boulder, CO | +8.4% |
| 10 | Dallas-Fort Worth-Arlington, TX | +8.0% |
| 11 | Port St. Lucie, FL | +8.0% |
| 12 | College Station-Bryan, TX | +8.0% |
| 13 | Portland-Vancouver-Hillsboro, OR-WA | +7.6% |
| 14 | Houston-Sugar Land-Baytown, TX | +7.6% |
| 15 | Fort Collins-Loveland, CO | +7.5% |
| 16 | Coeur d’Alene, ID | +7.5% |
| 17 | Bend, OR | +7.4% |
| 18 | Merced, CA | +7.4% |
| 19 | Greeley, CO | +7.3% |
| 20 | Medford, OR | +7.2% |
| 21 | Reno-Sparks, NV | +7.1% |
| 22 | Modesto, CA | +7.0% |
| 23 | Naples-Marco Island, FL | +6.9% |
| 24 | Stockton, CA | +6.9% |
| 25 | Carson City, NV | +6.9% |
| Projected Twenty-Five Weakest Markets* | ||
| 1 | Vineland-Millville-Bridgeton, NJ | -3.9% |
| 2 | Sumter, SC | -2.6% |
| 3 | Salisbury, MD | -2.6% |
| 4 | Atlantic City-Hammonton, NJ | -2.4% |
| 5 | Jacksonville, NC | -2.3% |
| 6 | Gadsden, AL | -2.2% |
| 7 | Scranton-Wilkes-Barre, PA | -2.2% |
| 8 | Warner Robins, GA | -1.9% |
| 9 | New Haven-Milford, CT | -1.9% |
| 10 | Torrington, CT | -1.9% |
| 11 | Elizabethtown, KY | -1.9% |
| 12 | Saginaw-Saginaw Township North, MI | -1.8% |
| 13 | Jackson, TN | -1.7% |
| 14 | Hartford-West Hartford-East Hartford, CT | -1.7% |
| 15 | Pittsfield, MA | -1.5% |
| 16 | Fayetteville, NC | -1.4% |
| 17 | Williamsport, PA | -1.4% |
| 18 | Kingston, NY | -1.3% |
| 19 | Ocean City, NJ | -1.3% |
| 20 | Valdosta, GA | -1.2% |
| 21 | Joplin, MO | -1.0% |
| 22 | Greensboro-High Point, NC | -0.9% |
| 23 | Norwich-New London, CT | -0.9% |
| 24 | Dothan, AL | -0.8% |
| 25 | Santa Fe, NM | -0.7% |
