West Coast states lead in rising home valuations
Pro Teck Valuation Service’s home value forecast reported that the top three markets with twelve-month active list appreciation were Stockton and Modesto, California, and Reno-Sparks, Nevada.
"Active price is the median price a home is listing for a moment in time. It's a good reflection of the health of a market because it takes into account market fundamentals as well as people's perceptions as to where prices are headed," said Tom O'Grady, CEO of Pro Teck Valuation Services.
Pro Teck Valuation Services' December Home Value Forecast (HVF) update looks back at the housing indicators over the last 12 months in a number of residential real estate categories. These include current sales price, twelve-month active list price appreciation, current months of remaining inventory (MRI) and twelve-month sales appreciation. This month's update examines the top and bottom three markets for these indicators over the past year.
Pro Teck listed the 10 best and 10 worst performing metros as ranked by its market condition ranking model.
"The western United States is well represented again, with seven metros from California, as well as Oregon and Washington, in our top 10," O'Grady said. "As you can see, none of our top 10 metros have more than 10 percent of sales from foreclosure, and most of have seen a 50%-plus reduction in the number. Also, housing stock as represented by MRI is between two and five months, indicating a hot market."
More on the report can be found here, in addition to Pro Teck’s own look back at 2013.