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83% of U.S. homes gained value in Q3, Veros finds


More U.S. homes increased in value and fewer saw depreciation compared to the second quarter of 2014, a market analysis by Veros Real Estate Solutions has found.

According to Veros, 83 percent of U.S. homes appreciated in the third quarter compared to 80 percent last quarter; correspondingly, 17 percent of homes depreciated, compared to 20 percent last quarter.

Annual appreciation is slowing. Last quarter, Veros forecast the annual appreciation rate at 2.5 percent, which dropped down to 2.4 percent the third quarter.

Following the basic rule of economics, Veros Vice President of Statistical and Economic Modeling Eric Fox said that markets where supply is low and demand is high would continue to drive home value appreciation in the U.S.

“Populations follow jobs, and housing supplies are often slow to keep pace with demand supported by increased employment for a variety of reasons,” he said.

Veros also found a geographical split in home values. The top 25 markets for appreciation were west of the Mississippi River, while 24 of 25 depreciating markets were east of the river.

“All of the top 25 markets are west of the Mississippi and, with the exception of Hot Springs, Arkansas, the entire bottom 25 group is found east of the river,” Fox said in a press release. “Of course, that does not mean all of the markets in the west are appreciating, nor does it mean all those in the east are experiencing depreciation.”

The top five strongest housing markets, all with appreciation between 9.4 percent and 9.8 percent, were in either Texas or California. The Texas cities Victoria and Houston, adjacent to each other, were the top two cities for appreciation.

The weakest markets included Atlantic City, New Jersey, with 3.3 percent depreciation, Sheboygan, Wisconsin, with 2.7 percent depreciation, and Lima, Ohio, with 2.4 percent depreciation.

The Veros report looked at home values in 13,904 zip codes across over 350 metropolitan areas. Veros collected data up through Sept. 1. 


 

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

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