ATTOM Data Solutions has released its Q1 report on sales, which found homes in 54 percent of metros are at prices above their pre-recession top-out.
“Rising interest rates and recently enacted tax reform that removed some tax incentives for homeownership were not enough to cool off red-hot home price appreciation in many parts of the country, with 30 of the 105 local markets analyzed posting double-digit gains in median home prices in the first quarter,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Home prices are still below pre-recession peaks in 46 percent of local markets, but nearly one-third of even those markets posted double-digit home price appreciation in the first quarter.”
Key highlights from the Q1 report:
- The areas at the highest from their peak pre-recession are California (San Jose, +60 percent from peak pre-recession), Colorado (Denver, +62 percent) and Texas (Dallas-Fort Worth, +62 percent, Houston, +69 percent, and San Antonio, +57 percent).
- The areas at the lowest from their peak pre-recession are Connecticut (Bridgeport-Stamford-Norwalk, -25 percent, Hartford, -19 percent, and New Haven, -22 percent), and Pennsylvania (Allentown, -21 percent, and Philadelphia, -20 percent).
- On average, homeowners recouped $53,369 (29.5 percent) at sale, down from $54,000 in Q4, but up from $45,000 in Q1 2017. The most considerable returns were in San Jose, Calif. (109.1 percent); San Francisco, Calif. (73.6 percent); Seattle, Wash. (66 percent); Kahului-Wailuku-Lahaina, Hawaii (65.3 percent); and Vallejo-Fairfield, Calif. (58.8 percent).
- On average, homeowners were in their homes for eight years, down from 8.14 years in Q4, but up from 7.69 years in Q1 2017.
- Buyers with FHA loans—generally first-time homebuyers—comprised 11.9 percent of home sales, down from 12.6 percent in Q4 and down from 14.4 percent in Q1 2017.
Source: ATTOM Data Solutions
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