Headlines – Week of January 29, 2012

February 3, 2012

5 Housing Markets Expected to Outshine All the Rest

Inman News recently released a report highlighting metro areas that are expected to “outshine many other markets in real estate performance this year.”

Inman searched metro areas with populations over 150,000 to find where real estate sales volume is rising, job markets are growing, foreclosure activity is low, sales prices are appreciating, and home affordability is at high levels.

The following are the metro areas topping the list, including the third quarter 2011 median sales price and the percentage change in sales price year-over-year.

1. Raleigh-Cary, N.C.

Median sales price: $224,300

Median sales price change year-over-year: 7.3 percent

2. Wichita, Kan.

Median sales price: $120,900

Median sales price change year-over-year: 5.5 percent

3. Rochester, N.Y.

Median sales price: $123,400

Median sales price change year-over-year: 1.4 percent

4. Des Moines-West Des Moines, Iowa

Median sales price: $157,900

Median sales price change year-over-year: 0.8 percent

5. Chattanooga, Tenn.-Ga.

Median sales price: $128,700

Median sales price change year-over-year: 7.3 percent

To see the full article and the other cities that made the top ten list click HERE

MSAs with the Fastest Rising Median List Prices

In related news, Inman published a table from Realtor.com data showing the Metropolitan Statistical Areas (MSAs) with the fastest rising median list prices in 2011. The data comes directly from actual listings posted on the site by 933+ multiple listing services throughout the country.

Note that the Fort Myers-Cape Coral MSA ranks number three on the list with a compound growth rate of 1.73%.

MSA January 2011 December 2011 Compound Growth rate

  1. Miami, FL ($200,000 $265,000) –  2.59%
  2. Boise City, ID ($128,000 $154,900) –  1.75%
  3. Fort Myers-Cape Coral, FL ($190,000 $229,375) –  1.73%
  4. Punta Gorda, FL ($150,000 $179,000) –  1.62%
  5. Daytona Beach, FL ($154,900 $179,900) –  1.37%
  6. West Palm Beach-Boca Raton, FL ($188,894 $219,000) – 1.35%
  7. Naples, FL ($315,000 $365,000) – 1.35%
  8. Washington, DC-MD-VA-WV(DC) ($320,000 $369,000) – 1.30%
  9. Sarasota-Bradenton, FL ($209,000 $241,000) – 1.30%
  10. Grand Rapids-Muskegon-Holland, MI ($119,900 $137,000) – 1.22%

CoreLogic Releases 2011 Home Price Statistics

CoreLogic recently released its December Home Price Index (HPI) report. Including distressed sales, home prices in the U.S. decreased 4.7 percent in 2011 compared with December 2010. Florida, however, fared a bit better than the national average with a price decline of only 3.3 percent. According to CoreLogic, 2011 was the fifth consecutive year for a decrease in the HPI.

The HPI also calculated price changes if distressed sales are excluded. Nationally, prices declined just 0.9 percent after backing out non-homeowner sales in 2011. Florida matched the national average with a 0.9 percent drop for the year. Distressed sales include short sales and real estate owned (REO) transactions.

The report also shows that national home prices decreased 1.4 percent in December compared to the month before if they include distressed sales – its fifth consecutive monthly decline. However, national home prices actually rose 0.2 percent month-to-month if distressed sales are backed out of the equation. It’s the first time the price non-distressed sales rose for the month since July 2011.

Highlights as of December 2011

• Including distressed sales, the five states with the highest appreciation were: Montana (+4.4 percent), Vermont (+4.0 percent), South Dakota (+3.1 percent), Nebraska (+2.5 percent) and New York (+1.7 percent).

• Including distressed sales, the five states with the greatest depreciation were: Illinois (-11.3 percent), Nevada (-10.6 percent), Georgia (-8.3 percent), Ohio (-7.7 percent), and Minnesota (-7.5 percent).

• Excluding distressed sales, the five states with the highest appreciation were: Montana (+7.7 percent), South Dakota (+3.5 percent), Indiana (+3.3 percent), Alaska (+3.1 percent), and Massachusetts (+2.9 percent).

• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.7 percent), Minnesota (-5.2 percent), Arizona (-4.9 percent), Delaware (-4.2 percent) and Michigan (-3.5 percent).

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to December 2011) was -33.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.0 percent.

• The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent).

Full Report

Posted by Scott R. Lodde

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