U.S. Home Values Decline Nationwide - Exceptions in NW
U.S. Home Values Decline Nationwide - Notable Exceptions in Pacific Northwest
"While numerous cities around the nation are showing actual year-over-year declines in home values, the Pacific Northwest is largely bucking that trend and in fact is showing double-digit appreciation in some areas," said Stan Humphries, Zillow's vice president of data and analytics. "Four of the top- five highest-appreciating metropolitan areas are located in Washington State or Oregon. Conversely, the two areas with the most depreciation are on the Gulf Coast of Florida, both with double-digit depreciation."
Some other interesting findings from the national report include: -- Five highest-appreciating metropolitan areas (year-over-year): - Corvallis, Ore. (17.26%) - Grand Junction, Colo. (16.57%) - Seattle-Tacoma-Bremerton, Wash. (12.03%) - Bellingham, Wash. (11.68%) - Portland-Salem, Ore. (10.72%) -- Five most depreciating metropolitan areas (year-over-year): - Sarasota-Bradenton, Fla. (-15%) - Punta Gorda, Fla. (-12.43%) - Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%) - Pittsfield, Mass. (-8.62%) - Reno, Nev. (-8.5%) -- Five most expensive metropolitan areas (measured by Zindex): - San Francisco-Oakland-San Jose, Calif. ($680,868) - Honolulu, Hawaii ($626,110) - Santa Barbara-Santa Maria-Lompoc, Calif. ($596,702) - Los Angeles-Riverside-Orange County, Calif. ($541,572) - San Diego, Calif. ($513,695) -- Five least expensive metropolitan areas (measured by Zindex): - Peoria-Pekin, Ill. ($90,116) - Tulsa, Okla. ($95,382) - Rockford, Ill. ($108,811) - Columbia, S.C. ($111,763) - Champaign-Urbana, Ill. ($123,448)
"While numerous cities around the nation are showing actual year-over-year declines in home values, the Pacific Northwest is largely bucking that trend and in fact is showing double-digit appreciation in some areas," said Stan Humphries, Zillow's vice president of data and analytics. "Four of the top- five highest-appreciating metropolitan areas are located in Washington State or Oregon. Conversely, the two areas with the most depreciation are on the Gulf Coast of Florida, both with double-digit depreciation."
Some other interesting findings from the national report include: -- Five highest-appreciating metropolitan areas (year-over-year): - Corvallis, Ore. (17.26%) - Grand Junction, Colo. (16.57%) - Seattle-Tacoma-Bremerton, Wash. (12.03%) - Bellingham, Wash. (11.68%) - Portland-Salem, Ore. (10.72%) -- Five most depreciating metropolitan areas (year-over-year): - Sarasota-Bradenton, Fla. (-15%) - Punta Gorda, Fla. (-12.43%) - Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%) - Pittsfield, Mass. (-8.62%) - Reno, Nev. (-8.5%) -- Five most expensive metropolitan areas (measured by Zindex): - San Francisco-Oakland-San Jose, Calif. ($680,868) - Honolulu, Hawaii ($626,110) - Santa Barbara-Santa Maria-Lompoc, Calif. ($596,702) - Los Angeles-Riverside-Orange County, Calif. ($541,572) - San Diego, Calif. ($513,695) -- Five least expensive metropolitan areas (measured by Zindex): - Peoria-Pekin, Ill. ($90,116) - Tulsa, Okla. ($95,382) - Rockford, Ill. ($108,811) - Columbia, S.C. ($111,763) - Champaign-Urbana, Ill. ($123,448)
Comments
World class cities one and all!
It cannot be otherwise, Socrates.
The RE market in the rest of the US will collapse in a steaming heap, but that will not affect the guarenteed 20% annual appreciation in the Pacific Northwest.
This is a logical corollary of the Ardell Effect, which posits that no amount of price decline in South Seattle will affect the price of housing near Microsoft in the slightest.
And soon Meshugy will be able to look out from his $10 million home in Ballard and laugh at us all...
Oh wait - that didn't turn out so well, did it?
Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%)
We all know that no one wants to live in Santa Barbara but everyone wants to live in Seattle, or Tacoma (!?) or Bremerton (!?)
Of course, Seattle is THE place to be. We get atleast four months of sunshine -- guaranteed!
no way dudes, I'm talking METH lab all the way!
10 City index (242 montly data points): 97.3%
20 City index (86 monthly data points): 96.6%
Likelihood of Seattle decoupling from the national trend in home prices: 0%
*based on correlating index values, not monthly change