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Clear Capital: Home prices often come down to the zip code

Home prices are generally moving upward across United States cities, but how well each of the individual markets is performing compared to last year often comes down to the zip code, according to Clear Capital.

“The old adage ‘location, location, location’ still applies,” the company reported in its latest market report. Clear Capital noted that the price growth over the past 12 months within each of the 50 major metros varies by roughly 22 percent depending on where a home is located within the city. For example, top-performing Cleveland zip codes saw prices jump 42 percent this year compared to prices a year ago, whereas prices declined by 23 percent in the city's worst-performing zip code.

“Even in stronger-performing markets, like California and Florida, there is wide variation at the zip code level,” the company reported.

Nationally, home prices should increase by less than 5 percent after an underwhelming spring, Clear Capital said.  

“We don’t expect to see a large pop in prices through the summer buying season,” said Alex Villacorta, the company’s vice president of research and analytics. “It’s likely we’ll keep chugging along at our current pace, somewhere around 1 percent quarterly gains for the rest of the year.”


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