Housing Values Reverse Course – Cities Mix of Winners and Losers
Richard Ciccarone presents data and notes on trends in housing values
Owner occupied housing values benefited from an uptick in 2015, bucking the trend of four years of successive declines nationally. By no means ubiquitous, some cities have seen significant gains since the Great Recession, while others have only continued to suffer falling value. The first chart below looks at the national trend over the decade from 2005-2015, and the second shows the best and worst performing cities (pop. 30,000+) from 2010-2015. Some additional items…
National Owner Occupied Home Values Take Reverse Their Downward Course Since the Credit Crisis
- According to U.S. Census statistics compiled by Merritt Research Services, LLC, median home values nationwide rose from $175,700 in 2014 to $178,600 in 2015, the first increase since 2010.
- Median Home Values are still 7% below the ten-year high of $192,400 in 2008, but well above the low $167,500 level of 2005.
City Home Values – Who’s Hot and Who’s Not
- Cities in California and the Oil Patch states recorded the fastest rising median values for owner occupied homes in cities over 30,000 population, during the period 2010 to 2015.
- Los Altos, CA, located in the robust Silicon Valley, led all cities over 30,000 persons in the United States with an 81.9% increase in its median home value. This is well above the national as well as metropolitan growth rate.
- The top-five cities that have seen owner occupied housing values rise the most were Beverly Hills, Saratoga and Palo Alto (all of California) and Minot, ND, which benefited from a surge in oil drilling.
- On the less favorable side, Detroit, MI continued its long ride downhill by losing 47.4% of the value of its owner occupied homes, followed closely by Flint and Eastpointe, two other Michigan auto-related cities.
- Homestead and North Lauderdale, Florida showed that the shine on the Sun Belt isn’t universal. These two cities are still hurting from the 2008 credit collapse.