As summer continues to heat up, so do the nation’s top single-family housing markets, each demonstrating consistently strong demand, home price appreciation, and economic and demographic growth, according to a recent report from Ten-X.
The report lists the 50 largest housing markets based on their current and forecasted housing fundamentals and from that list, Palm Beach County, Orlando, Tampa, Fort Lauderdale, and Seattle make up the top five markets. Florida claims four out of five of these markets despite the fact that it was one of the states severely exposed to the housing bust. Seattle market highs are attributed to the tech-driven gains of the Pacific Northwest.
These rankings are quite different from Ten-X’s report for the spring single-family market rankings. Though Seattle fell from the number one spot to the 5th rankings, the other four markets rose up notably with Palm Beach rising from 4th place up to 1st, Orlando going from 6th to 2nd, Fort Lauderdale rising slightly from 5th to 4th, and Tampa leaping from 11th to 3rd.
"There are strong regional tendencies in our summer housing market report, with cities in the Southeast, the Pacific Northwest, and California performing exceptionally well, while the Northeast and Midwest are lagging behind," said Ten-X Executive Vice President Rick Sharga. "Cities like Orlando are receiving a boost from low oil prices, which in turn is leading to an increase in travel and tourism. And of all the states that were hit hard during the crash, Florida still has the most room to grow to get back to peak housing prices."
Palm Beach County's housing market’s seasonally adjusted home prices are up 16.8% year-over-year, the highest pace in the country. Orlando's housing market’s seasonally adjusted home prices have increased for 19 consecutive quarters while prices up 10.4 percent year-over-year. Tampa's single-family market has seen prices increase after hitting bottom in 2011 and are now up 12.1 percent year-over-year. Fort Lauderdale has felt a strong recovery from its fall after the crisis with seasonally adjusted home prices up 8.9 percent year-over-year. And finally, the single-family market in Seattle is still sitting strong with home prices surging 15.4 percent year-over-year.
"Despite the muddled economic environment, conditions remain generally supportive for the housing market," said Ten-X Chief Economist Peter Muoio. "Home sales had some volatility early in the year, brought on by new regulations and harsh weather, but appear to be stabilizing even with tight inventory levels. More jobs are being added while unemployment continues to drop and low mortgage rates are enticing homebuyers, so solid demand should continue to fuel the housing market."