Housing markets are improving across the country with even some bottom-performing markets showing signs of improvement, according to Pro Teck Valuation Services.
“The conditions for a quick recovery have actually been in place for some time due to the combination of very low levels of new construction over the past five years, very favorable price and affordability levels, and a strong rental market in many parts of the country,” said Tom O’Grady, CEO of Pro Teck Valuation Services.
Pro Teck measures inventory, days on market, sales and listing activity, the ratio of sales price to list price, and foreclosures and REOs to determine the best- and worst-performing markets in the nation.
January’s top 10 list includes a mix of markets from all regions across the country, and “even those in the Bottom 10 list are showing a fair percentage of positive trends,” said Michael Sklarz, principal of collateral analytics at Pro Teck.
“This is quite different from last year when the majority of the Bottom 10 markets had most or all of their indicators trending negative,” Sklarz said.
Austin-Round Rock-San Marcos, Texas ranked as the No. 1 market in the country and was one of two Texas markets to make the top 10 list this month.
Baltimore-Towson, Maryland ranked second, followed by another Northeast market, Boston-Quincy, Massachusetts.
The next three markets were Southern markets – Charlotte-Gastonia-Rock Hill, North Carolina and South Carolina; Fort Lauderdale-Pompano Beach-Deerfield Beach, Florida; and Houston-Sugar Land-Baytown, Texas.
The list was rounded out by Los Angeles-Long Beach-Glendale, California; Miami-Miami Beach-Kendall, Florida; Minneapolis-St. Paul-Bloomington, Minnesota and Wisconsin; and Seattle-Bellevue-Everett, Washington.
“The Florida markets are among those which experienced bubble and burst conditions in the last real estate cycle and are now very appealing to both U.S. home buyers and foreign investors,” Sklarz said.
Topping the list of worst-performing markets this month was Boise City-Nampa, Idaho; followed by Little Rock-North Little Rock-Conway, Arkansas; Nassau-Suffolk, New York; and New Haven-Milford, Connecticut.
Southern markets claimed the next two spots on the list – Spartanburg, South Carolina; and North Port-Bradenton-Sarasota, Florida.
The last four spots were dispersed throughout the nation, in the Northwest, South, Northeast, and Midwest.
Portland-Vancouver-Hillsboro, Oregon and Washington; Shreveport-Bossier City, Louisiana; Syracuse, New York; and Toledo, Ohio filled out the last four spots.
Most of the markets in on the bottom 10 list recorded single- or double-digit months of remaining inventory, according to Pro Teck.
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