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Pro Teck’s Home Value Forecast: U.S. Home Prices Up as Home Buying Season Heats Up

WALTHAM, MA – This month, Pro Teck Valuation Services’ Home Value Forecast takes a deep dive into the 200+ CBSAs it tracks and uncovered some promising news—the average home selling price increased by 9.02% between February 2015 to February 2016.

What’s more, February 2016 saw a 12.35% increase in the number of sales and a 12.48% decrease in Months of Remaining Inventory (MRI) from 6.21 to 5.44, both of which are encouraging signs of a sellers market. This positive news on home prices comes just as the home selling season begins to kick into full gear.

Top Ten CBSAs with largest 12-month percent increase (minimum 700 monthly sales) are:

Real Estate Market Trends March 2016 - 4

Tom O’Grady, CEO of Pro Teck Valuation Services said the top ten above represent an interesting cross-section of the U.S. housing market, with five getting a “strong” rating from Pro Teck’s market condition index, four getting “soft,” and one “good.” The four CBSAs with “soft” ratings are all mostly due to foreclosure levels still being on the higher side—over 10% as a percentage of regular sales, according to O’Grady.

“While we call the above our bottom ten, they are much healthier than the bottom ten from last year,” said O’Grady. “For example—all bottom ten CBSAs last year had Foreclosure Sales as a percentage of Regular Sales between 25% – 40%, landing in our “weak” real estate market condition ranking. This year, no CBSA was ranked “weak,” all bottom ten were in our “soft” market ranking.”

Further analysis of year over year trends with the 200+ CBSAs analyzed in this month’s Home Value Forecast shows 32.30% of CBSAs were rated “Hot” or “Strong,” compared to 14.16% this time last year—a statistic that O’Grady said shows positive trends will continue as long as interest rates remain attractive.

Visit https://www.proteckservices.com/pro-tecks-home-value-forecast-u-s-home-prices-home-buying-season-heats/ to read the entire forecast, including a deeper study of the Cape Coral and Palm Bay Florida markets.

CBSA Winners and Losers

Each month, Home Value Forecast uses a number of leading real estate market-based indicators to rank the single-family home markets in the top 200 CBSAs and highlight the strongest and weakest metros.

Top 10 CBSAs this month include:

  • Boise, ID
  • Boulder, CO
  • Colorado Springs, CO
  • Portland-Vancouver-Hillsboro, OR-WA
  • Sacramento-Roseville-Arden-Arcade, CA
  • Salt Lake City, UT
  • Stockton-Lodi, CA
  • Vallejo-Fairfield, CA
  • Boston, MA
  • Santa Rosa, CA

Boston, MA makes a showing in the top ten this month, as limited inventory is leading to increased competition.

Bottom 10 CBSAs this month include:

  • El Paso, TX
  • Huntsville, AL
  • Killeen-Temple, TX
  • McAllen-Edinburg-Mission, TX
  • Miami-Miami Beach-Kendall, FL
  • Midland, TX
  • Montgomery, AL
  • Pensacola-Ferry Pass-Brent, FL
  • Youngstown-Warren-Boardman, OH-PA
  • Atlantic City-Hammonton, NJ

The downward pressure on Midland, TX home prices mentioned earlier this year is now showing up in the numbers. Active sale price is down -5.93% in Midland, and down -3.53% in Killeen-Temple, TX.

About Home Value Forecast

Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market, and delivers 14 market snapshot graphs from the top 30 CBSAs.

HVF is built using numerous housing and economic data sources. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a corporate subscription to the service. To learn more about Home Value Forecast and Pro Teck’s full suite of residential real estate valuation products, visit www.proteckservices.com. You can also find Pro Teck on Twitter at @ProTeckServices.

Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to mediarequest@protk.com.

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Media Contact:  Thomas Hoff, Pro Teck Valuation Services
781-314-1669 or thoff@protk.com