The West appeares to be shaping up for another season of total dominance in national home sale growth.
While growth continues at a rate of 0.6% nationally quarter-over-quarter, the rates are somewhat varied regionally speaking. The Northeast and Midwest regional quarterly growth rates are sluggish at 0.2% quarterly growth and the South is growing a 0.7% quarter-over-quarter.
The West kicked off the real estate busy season with a quarter-over-quarter growth increase of 0.3% bringing the rates up to 1.2% from its original 0.9% in April. Such a shift in momentum establishes a pattern for strong summer growth as the West dominates regional performance yet again.
In a list of HIghest Performing Major Metro Markets, it is easy to see that the West continues to dominate and Seattle leads the nation at a growth rate of 2.0% over last quarter, reflecting an increase of 0.2% since last month. However, Sacramento reflects a quarterly growth increase of 0.3% to 1.5% quarter-over-quarter. The rest of the top Western markets are running at a rate of at least a 1.2% growth over the last year.
The coniditon of each market in the region is varied despite the performances of Western metros. Portland, San Jose, and Denver have all exceeded their previous market value peak from before the housing crash and Seattle is quickly approaching its own benchmanrk. Las Vegas homes are fetching slighty over half of peak market values in comparison to ten years ago. Current distressed property rates in cities such as Sacramento and San Diego have increased by 50% or more, which is a dratic improvement in the market's health, yet both markets still have a long way to go before recovering all of the lost market value during the crash.
The West's strong recovery has been repeatedly documented in real estate market headlines and the trend doesn't seem to be going away as of yet. It is still important to take into account how varied each Western metro recovery is. Unforutnately, some markets still have quite a distance to go before recovering lost crash values. On the other side of the coin are the markets that are reaching new highs. Those are worth keeping an eye on because the speed at which such recoveries have occured cannot be sustainable long-term.
If you'd like to learn more, please don't hesitate to message Lang Premier Properties online or call us at 1-855-526-4466.