All Regions Show Positive Results with the Exception of the Midwest
This week Clear Capital® released its Home Data Index™ (HDI) Market Report with data through May 2012 which showed home prices in the U.S. grew both on a quarterly and yearly basis for the first time since August 2010. At the regional level home prices improved on a quarterly and yearly basis as well in all regions except for the Midwest which saw declines in home prices but not as large of declines as in the previous month.
“National real estate prices in May have finally moved past the continued losses of the last few years. The subsequent stabilization pattern seen in recent months has progressed into the start of moderate growth,” said Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital.
The 15 Highest Performing Metro Areas:
Overall, the top 15 MSAs extended improvements. The average quarterly gain of this group was 4.5%, more than a full percentage point above last month’s average. Each top metro also recorded quarterly gains in excess of 2%, making May’s top 15 metros the strongest since September of 2011. This group is represented by a variety of regions, with the majority (40%) coming from the West.
| Highest Performing Metro Markets | ||||||||
| Qtr/Qtr Rank |
Metropolitan Statistical Area | Qtr/Qtr % +/- |
Yr/Yr | REO Saturation | ||||
| 1 | Phoenix, AZ – Mesa, AZ – Scottsdale, AZ | 9.4% | 17.0% | 25.6% | ||||
| 2 | Seattle, WA – Tacoma, WA – Bellevue, WA | 9.0% | -1.1% | 19.5% | ||||
| 3 | Dayton, OH | 8.3% | 9.0% | 30.3% | ||||
| 4 | Washington, DC – Arlington, VA – Alexandria, VA | 5.1% | 7.5% | 13.9% | ||||
| 5 | San Jose, CA – Sunnyvale, CA – Santa Clara, CA | 5.1% | 3.3% | 20.1% | ||||
| 6 | Miami, FL – Ft. Lauderdale, FL – Miami Beach, FL | 4.7% | 10.6% | 28.8% | ||||
| 7 | Minneapolis, MN – St. Paul, MN – Bloomington, WI | 4.7% | 9.0% | 40.5% | ||||
| 8 | Denver, CO – Aurora, CO | 2.9% | 9.0% | 22.5% | ||||
| 9 | Pittsburgh, PA | 2.9% | 9.4% | 7.6% | ||||
| 10 | San Francisco, CA – Oakland, CA – Fremont, CA | 2.7% | 2.4% | 27.6% | ||||
| 11 | Virginia Beach, VA – Norfolk, VA – Newport News, VA | 2.7% | 2.8% | 17.9% | ||||
| 12 | Tucson, AZ | 2.7% | -1.8% | 38.5% | ||||
| 13 | Tampa, FL – St. Petersburg, FL – Clearwater, FL | 2.5% | 9.0% | 26.0% | ||||
| 14 | Richmond, VA | 2.5% | 3.0% | 23.0% | ||||
| 15 | Hartford, CT – West Hartford, CT – East Hartford, CT | 2.4% | 9.4% | 8.0% | ||||
The 15 Lowest Performing Metro Areas:
The lowest performing MSAs averaged quarterly losses of 2.8%, but these declines tapered slightly over the average losses posted in last month’s report. Additionally, a third of the markets saw less than a -1.0% quarterly loss, which is another indication that losses are becoming less severe overall.
It’s worth noting that Orlando has made an appearance on the lowest performing market list, with quarterly declines of only -0.2%. The region continues to show year-over-year price gains of 8.9%, however the slight cooling of short term price performance is far from confirmation that the metro’s progress has subsided.
| Lowest Performing Major Markets | ||||||||
| Qtr/Qtr Rank |
Metropolitan Statistical Area | Qtr/Qtr % +/- |
Yr/Yr | REO Saturation | ||||
| 1 | Detroit, MI – Warren, MI – Livonia, MI | -10.4% | -5.4% | 53.8% | ||||
| 2 | Houston, TX – Baytown, TX – Sugar Land, TX | -5.9% | 5.7% | 22.5% | ||||
| 3 | Milwaukee, WI – Waukesha, WI – West Allis, WI | -5.2% | -8.1% | 35.1% | ||||
| 4 | Memphis, TN | -4.3% | -8.6% | 45.4% | ||||
| 5 | Honolulu, HI | -3.8% | 0.3% | 9.0% | ||||
| 6 | Dallas, TX – Fort Worth, TX – Arlington, TX | -3.4% | 4.5% | 21.5% | ||||
| 7 | Columbus, OH | -2.9% | -0.1% | 34.8% | ||||
| 8 | Providence, RI – New Bedford, MA – Fall River, MA | -2.4% | -8.2% | 14.7% | ||||
| 9 | Raleigh, NC – Cary, NC | -1.2% | -4.6% | 19.2% | ||||
| 10 | Nashville, TN – Davidson, TN – Murfreesboro, TN | -1.0% | -2.0% | 21.4% | ||||
| 11 | New Orleans, LA – Metairie, LA – Kenner, LA | -0.8% | -1.2% | 22.1% | ||||
| 12 | Philadelphia, PA – Camden, NJ – Wilmington, DE | -0.5% | -8.3% | 13.8% | ||||
| 13 | Oxnard, CA – Thousand Oaks, CA – Ventura, CA | -0.2% | -4.0% | 32.8% | ||||
| 14 | Cincinnati, OH – Middletown, OH | -0.2% | -2.2% | 28.9% | ||||
| 15 | Orlando, FL | -0.2% | 8.9% | 30.2% | ||||
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