A continuing national housing recovery has seen various housing markets strengthen throughout December, according to a monthly Property Intelligence Report (PIR) from DataQuick. DataQuick’s PIR leverages its national property database and analytics expertise to assess 42 of the largest counties in the United States using valuation trends, REO inventory trends and sales trends metrics.
“Our report concludes improvements among home price growth and sales performance, but also sees foreclosures worsening compared to November,” said Dr. Gordon Crawford, vice president of analytics for DataQuick. “Several fiscal uncertainty factors including debt limits, proposed tax increases and spending cuts may lead to further weakening the housing market.”
Key findings for December include:
►Home price growth was positive in all 42 reported counties over the last month, quarter and year
►Sales increased in 32 of the 42 reported counties over the last month
►Sales increased in 12 of the 42 reported counties over the last quarter
►Sales increased in 38 of the 42 reported counties over the last year
►Foreclosures increased in 26 of the 42 reported counties over the last month
► Foreclosures increased in 27 of the 42 reported counties over the last quarter
►Foreclosures increased in 21 of the 42 reported counties over the last year
Dr. Crawford mentions that housing investors still face an array of uncertainty about the market from fiscal issues and international events directly linked to the housing market. He also notes that in the presence of uncertainty, individuals have a formidable time valuing real estate.
“Decreases in employment and migration from the combined 2.4 million residents living in Cleveland and Columbus, Ohio were main contributors to the home price decreases experienced in these areas,” said Crawford. “Although foreclosures continue to affect the market, a stabilizing labor market situation has contributed to strong home prices and sales growth over the last year.”