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Home Value Forecast Top Ten, November 2021

Each month, Home Value Forecast uses a number of leading real estate market-based indicators to monitor single-family home market activity in the nation’s top 200+ metropolitan areas (CBSAs) and report on the Top 10.

THE TOP 10

The Home Value Forecast Top 10 Hottest Housing Markets ranking system is purely objective and is based on directional trends over the past eight quarters. It’s not a listing of what markets are most expensive or most in need of inventory; it ranks market momentum at a specific point in time.
This month’s Top 10:

It’s good to see a Florida CBSA crack our Top Ten, with the Palm Bay-Melbourne-Titusville, FL CBSA experiencing an 18% price increase in the last year.
The area, along with most of Florida was hit hard in the 2008 housing crisis where there was a 50% decrease in home prices over a five-year period.

Home prices are highly correlated to employment levels. Employment gains have been putting upward pressure on home prices in this CBSA for some time, even with the 2020 dip due to the pandemic. The CBSA job market has since bounced back, reaching a new high in employment in 2021. These gains will continue as long as interest rates stay low.

ABOUT PRO TECK’S MONTHLY HOUSING MARKET REPORT

The Home Value Forecast uses a ranking system that is purely objective and is based on directional trends of market indicators. Each indicator is given a score based on whether the trend is positive, negative or neutral for that series. For example, a declining trend in active listings would be positive, as would an increasing trend in average price. A composite score for each CBSA is calculated by summing the directional scores of each of its indicators.

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