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Forecast predicts rally for Midwest home prices in 2015


Is Dayton, Ohio, the next San Francisco?

Home prices in the U.S. continued to moderate through the end of 2014, but smaller cities in the Midwest — and the region overall — may see some of the best price gains in 2015, particularly at the lower end of the housing market.

In a 2015 forecast, Clear Capital predicts that home prices in the Midwest will increase the most at 2.8 percent. In 2014, prices in the Midwest grew at 7.7 percent, second only to 8.7 percent growth in the West.

“Overall, 2014 was a good year with prices up virtually across the board, though the rate of price growth has declined consistently,” said Clear Capital Vice President of Research Alex Villacorta. “Locally, however, stabilizing home-price growth and improved job numbers could reignite consumer confidence from traditional home buyers, setting up historically distressed markets like Ohio and the Midwest for success in 2015.”

Clear Capital singled out a handful of cities in Ohio for growth in 2015, including Dayton, Cleveland, Columbus and Cincinnati. Dayton saw a 16.5 percent gain in median-priced homes at the end of 2014 — a separate report last week from RealtyTrac showed a 20 percent gain — and prices could increase another 2.6 percent in 2015.

Dayton, Columbus and Cleveland all had distressed inventories near 20 percent, according to Clear Capital, which means they could be ripe for investors.

The top two cities with the highest predicted price gains in 2015 are Milwaukee, expected to grow 5 percent, and Columbus, expected to grow 4.5 percent.

Clear Capital predicts that some cities will see declines. Prices in Minneapolis will fall 3.7 percent, Pittsburgh will lose 0.1 percent and Rochester, New York, will lose 0.2 percent.

The Northeast, overall, will see a 0.3 percent decline in prices in 2015, according to the report, and the South will gain 0.7 percent. Nationally, prices will gain 1.2 percent.

“The Midwest began rallying in 2014, and was neck and neck with the West in the most recent quarter at 1.1 percent and 1 percent, respectively,” Villacorta commented. “The forecasted 2015 performance will come as no surprise to those with their eyes on market-level performance in the region.”


 

Questions? Contact Neal McNamara at (425) 984-6017 or nealm@scotsmanguide.com.

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