Price growth continues in nation's top markets
March 14, 2011 - Areas of the country that have experienced growing property values continue to see improvements, a good sign for anyone considering relocating to those locations.
According to the latest home price report from Clear Capital, top performing cities such as Washington, D.C., New York City, Pittsburgh, Memphis and Orlando. Only one of those 15 top performing cities saw average home prices drop over the past three months - Miami, which experienced a 0.1 percent decline. Buyers moving to Memphis, meanwhile, saw their properties gain 7.6 percent in value over the past quarter.
At the same time, the country's worst performing markets posted steep declines, including a 13.3 percent quarterly drop in Detroit and a 13.1 percent fall in Milwaukee. Experts said growth remains mixed around the country, but because national price drops are slowing, the market could be improving.
"From a larger perspective, prices are still up 4.2 percent off of the absolute lows of the housing crash, a sign that long term gains can be realized amidst the volatile behavior of the last two years," said Dr. Alex Villacorta, director of research and analytics at Clear Capital. "Yet, when comparing this growth to other economic indicators over the same time period, it is clear that the housing market still has a long way to go toward a sustained recovery."
Falling prices are helping to make moving into a new home more affordable for consumers. They've also generated interest among real estate investors in low-priced markets such as Las Vegas, according to local Realtors.
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