Great News, 103 of 150 metro areas tracked by Attom Data Solutions are now above their pre-recession peaks.
NEXT STEP – SELL? Is it time to start selling your real estate investments?
NO! Now is the right time for you to evaluate your real estate portfolio and make sure it is properly diversified looking forward as the market dynamics have now changed.
As reported this week by Think Realty Magazine:
According to ATTOM Data Solutions, several areas in the country are still posting median home values above pre-recession levels. 103 of the 150 metro areas tracked by the company show “surges” above values from their pre-recession peaks.
The Biggest Price Increases
While many of those 103 markets may not be far above their pre-recession peaks, some stand out from the crowd. The top five biggest price increases are:
- Dallas-Fort Worth-Arlington, Texas: 86%
- Houston-The Woodlands-Sugarland, Texas: 85%
- Kennewick-Richland, Washington: 81%
- Greeley, Colorado: 77%
- San Antonio-New Braunfels, Texas: 73%
The Biggest Price Dips
If 103 markets are still above pre-recession peaks, the remaining 47 are below. The markets that saw the biggest dips were:
- Montgomery, Alabama: 32%
- York, Pennsylvania: 32%
- Atlantic City, New Jersey: 30%
- Naples, Florida: 20%
- Cape Coral-Fort Myers, Florida: 16%
Appreciation Rate is Slowing
Although most markets did show gains in home value over last year, appreciation rates are slowing in about half (74) markets analyzed. Daren Blomquist, vice president at ATTOM Data Solutions, observed, “Markets not experiencing this price appreciation cool-down may have more of an affordability cushion to work with, but some are in danger of overheating if home price gains continue to run hot.”
Overall, median home prices nationwide in Q3 2018 were 11% above pre-recession peaks and 77% above post-recession troughs. Furthermore, the homeownership timeline is still extending, with U.S. homeowners who sold during Q3 2018 having owned their homes more than 8 years. This is up from just under 8 years (7.97) the previous quarter and the longest measure of this metric in the history of ATTOM Data’s tracking, which extends back to 2000.