Markets with Rising Home Prices
Fix-and-flippers will be interested to know about some newly released data from Realtytrac and Attom Data Solutions around home price increases.
Out of 201 metropolitan statistical areas they looked at (those with populations of at least 200,000 and sufficient home price data), 179 (or 89 percent) posted a year-over-year increase in home prices in 2016.
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Rising home prices in 2016 is a bullish signal for the coming year, but the cost to acquire distressed properties is rising as well.[/caption]
In addition, 27 metro areas (13 percent) posted double-digit year-over-year percentage gains, including:
* Tampa-St. Petersburg (up 14.0 percent)
* Denver (up 11.3 percent)
* Portland (up 12.1 percent)
* Orlando (up 10.1 percent)
* Jacksonville (up 12.9 percent).
Curious which markets had the highest median home prices? They were:
* Manhattan New ($1,400,000)
* San Francisco County, California ($1,175,000)
* San Mateo County, California ($1,075,000)
* Marin County, California ($950,000)
* Santa Clara County, California ($860,000)
Not surprisingly, strength in the overall market in 2016 led to distressed sales falling to a nine-year low, and a record high in foreclosure sales to 3rd party buyers. All of this resulted in a nine-year high in average home sale profits of 21%.
To see their full 2016 analysis, you can find it here on Realtytrac.com.
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