[1]The housing recovery has provided the market and industry with many benefits, including soaring home prices. This continued boost among home prices could be the clue to next hottest housing market.
A recent report from Owners.com [2], a national brokerage and a leading marketplace for self-directed real estate, identified the top growth markets for home prices.
The data ranks 25 metro areas according to their growth in home prices from August-September 2014 compared with August-September 2015 using the highest existing single-family home transaction volumes in September 2015 where price data and bedroom counts were available.
The report showed that mid-sized metros experienced some of the largest price increases in the country. Meanwhile, larger metros saw home prices decline.
According to Owners.com, the Denver, Colorado metro saw the largest single-family home price change among three-bedrooms at 11.9 percent. September 2015 transaction volume amounted to 5,896 in Denver, while the transaction volume rose 27.8 percent.
Orlando, Florida and Miami, Florida were not too far behind with increases of 11.6 percent and 11 percent, respectively. Transaction volume rose 58.7 percent in Orlando and 33.4 percent in Miami to reach 3,502 and 10,413, respectively.
At the bottom of this list is the New York metro area, which saw home prices fall 6.7 percent, but transaction volume rose 8.8 percent to 11,566, the highest number of transactions on the list.
“This data suggests that secondary markets such as Orlando and Denver have benefited greatly from the overall housing recovery with price gains significantly above larger markets,” said Steve Udelson, President of Owners.com. “With the spring real estate season around the corner, consumers who are planning to be in the market next year will want to keep an eye on these markets to make savvy buying or selling decisions.”
Black Knight Financial Services [3]' Data and Analytics division released its September 2015 Home Price Index [4](HPI) report, finding that U.S. home prices rose marginally by 0.1 percent in September.
But don't let this small rise fool you, home prices are still up 5.5 percent year-over-year.
The HPI reached $253,000 in September and is now just 5.4 percent off its June 2006 peak of $268,000. In addition, the HPI is up over 26.9 percent from the market's bottom in January 2012.