Home prices continued their upward climb this quarter in these 10 metros, but a special occurrence is pushing up prices in Florida markets.
Clear Capital’s Home Data Index (HDI) Market report, which provides insights into housing price trends and other leading indices for the real estate market at the national and local levels, found that Seattle and Tampa metros hold the top spots for the highest price increases quarter-over-quarter, each reporting an increase of 2.0 percent for June and rising 12.4 percent and 12.2 percent year-over-year, respectively.
Three other Florida markets also made the list, with Orlando prices rising 0.2 percent since last month to 1.7 percent, Jacksonville's price growth is currently at 1.7 percent, a gain of 0.3 percent since last month, and Miami reported 1.4 percent quarterly price growth.
Clear Capital found that Florida’s markets are recovering from the devastating lows of the housing market crash, with an increase in baby boomers in the region.
“Florida has traditionally been regarded as prime real estate by those retirees who may be looking to migrate from colder areas of the nation such as the Northeast to a warmer and sunnier alternative for their golden years," said Alex Villacorta, Ph.D., VP of Research and Analytics at Clear Capital.
Villacorta continued, "As the top Floridian housing markets continue to grow and return impressive price gains–Tampa is currently reporting 12.2 percent annual price growth–it’s no surprise that this generation continues to invest in real estate in the region. The baby boomer share of homeowners is clearly on the rise here, and as more and more of this generation nears retirement age, Florida markets may be in for a boost in performance if tradition continues and retirees demand homes in the region.”
On a regional basis, the Western region experienced the most home price growth, rising 1.1 percent quarter-over-quarter. Southern growth rates were unchanged quarter-over-quarter at 0.7 percent, while Northeast and Midwest regional growth continues to lag far behind the rest of the nation at 0.1 percent quarterly growth each.
Clear Capital's Highest Performing Major Metro Markets (Year-over-Year):
- Seattle, Washington — Tacoma, Washington — Bellevue, Washington (12.4 percent)
- Tampa, Florida — St. Petersburg, Florida — Clearwater, Florida (12.2 percent)
- Denver, Colorado — Aurora, Colorado (11.2 percent)
- Orlando, Florida (10.4 percent)
- Portland, Oregon — Vancouver, Washington — Beaverton, Oregon (10.0 percent)
- Miami, Florida — Fort Lauderdale, Florida — Miami Beach, Florida (10.0 percent)
- San Jose, California — Sunnyvale, California — Santa Clara, California (9.8 percent)
- Las Vegas, Nevada — Paradise, Nevada (9.6 percent)
- Providence, Rhode Island — New Bedford, Massachusetts — Fall River, Massachusetts (9.6 percent)
- Dallas, Texas — Fort Worth, Texas — Arlington, Texas (9.5 percent)