Releasing its February Home Value Forecast, Pro Teck Valuation Services revealed research that indicates that many core based statistical areas (CBSAs) around the U.S. are showing positive momentum. While Pro Teck's report acknowledged market data that demonstrates weak or soft status for many CBSAs, the company's recent statistics point toward a slow improvement for negative conditions throughout the country.
Ranking CBSAs from ""hot"" to ""distressed,"" Pro Teck rolled out a new evaluation system with its February survey, and in a company statement, Pro Teck noted that it is now using an enhanced scoring model to establish housing conditions in all CBSAs. Pro Teck's overall market condition scale uses a variety of indicators including price trends, inventory trends, foreclosure trends, and more to provide a score that reflects both current conditions and predicted direction.
Showing the distribution for the nation's top 200 CBSAs, Pro Teck found that many Florida communities ranked among the leading CBSAs including Crestview-Fort Walton Beach, Fort Lauderdale-Pompano Beach-Deerfield Beach, Port St. Lucie, and West Palm Beach-Boca Raton-Boynton Beach. Other CBSAs displaying positive trends were Provo-Orem, Utah; Warren-Troy-Farmington Hills, Michigan; Youngstown-Warren-Boardman, Ohio-Pennsylvania; Canton-Massillon, Ohio; Dayton, Ohio; and Faytetteville-Springdale-Rogers, Arkansas-Missouri.
However, not all regions appear set for an uptick. CBSAs near the bottom of Pro Teck's February forecast included Eugene-Springfield, Oregon; Huntsville, Alabama; Killeen-Temple-Fort Hood, Texas; New Haven-Milford, Connecticut; Norwich-New London, Connecticut; Portland-Vancouver-Hillsboro, Oregon-Washington; Jacksonville, North Carolina; Daphne-Fairhope-Foley, Alabama; Spokane, Washington; and Hartford-West Hartford-East Hartford, Connecticut.
Pro Teck's rankings are focused on the single family home markets among the 200 largest CBSAs, and the company evaluates metro performance based factors such as average active market time, average listing price, number of foreclosure sales, number of active listings, number of new listings, average sold price, and number of sales. The company's Home Value Forecast represents a set of unique micro market data and provides comprehensive information on sales, listings, and off-market activity for 90 percent of U.S. housing stock, enabling Pro Teck to provide home price indexing, forecasting, and market analytics at a national, regional, and ZIP/neighborhood level.