Each month, HVF Monthly Housing Market Report uses a number of leading real estate market-based indicators to report on activity in the single-family home markets in the top 200 metropolitan areas (CBSAs) in the U.S.
Durham-Chapel Hill, NC, CBSA Only East Coast Metro in Top 10
This month’s Top 10 CBSAs include four California metros, two from Washington state, and one each from Nevada, Colorado and Utah. The lone East Coast metro on this month’s list is Durham-Chapel Hill, NC — a housing market that is healthy and balanced, with home prices tracking closely with employment.
From an employment low of 270,000 jobs in Q4, 2009, the Durham-Chapel Hill CBSA has since added 36,000 jobs, a 13.33% increase. During the same time, median home prices have increased 19%. Digging further, we can see that median household income is up 15.67% during the same period and affordability in the area has also returned to pre-crash norms.
While suffering from a lack of inventory like most of the U.S, the Durham-Chapel Hill CBSA is making positive gains in housing and does not appear to be in a “bubble.”
Top 10 CBSAs:
Interested in learning more about one of the metros featured in this month’s market report? Contact Pro Teck for more in-depth information on each CBSA included in this month’s report.
About Pro Teck’s Monthly Market Report
The Home Value Forecast uses a ranking system that is purely objective and is based on directional trends of nine 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 will be an increasing trend in average price. A composite score for each CBSA is calculated by summing the directional scores of each of its indicators. From the universe of the top 200 CBSAs, each month we highlight topics and trends in the real estate market.