The top performing real estate markets are demonstrating signs of improvement, with proven quarter-over-quarter property price gains tracked in this month’s Home Data Index Market Report from Clear Capital. Miami is among the seven highest performing major housing markets, said Realtor Mag.
Miami/Ft. Lauderdale/Miami Beach ranked sixth among the now-thriving markets, with a .6 percent quarter-to-quarter home price change, a -5.2 percent year-to-year price change, and a REO saturation rate of 39.6 percent. Among the top seven markets, Miami had the worst REO saturation rate, followed by St. Louis, Missouri with a 35.3 percent REO saturation rate.
“REO saturation rates have improved in the majority of the country’s largest markets. However, many areas are still battling year-over-year price declines,” said Realtor Mag.
Ranking below the Miami market at number seven was San Jose/Sunnyvale/Santa Clara, California, where the quarter-to-quarter home price change was .5 percent, the year-to-year price change was -5 percent, and the REO saturation rate was reported at 25 percent.
The highest ranking market was Washington, D.C./Arlington, and Alexandria, Virginia, followed by St Louis, Missouri, Pittsburgh, Pennsylvania, New York/Long Island, New York/New Jersey, New Jersey, and Virginia Beach, Norfolk, and Newport News, Virginia.
On a five-month streak, the Detroit, Michigan area was designated the lowest performing market due to their 13.2 percent decrease in quarterly home price changes and a 58 percent REO saturation rate.