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The southern states are in line to become the hottest housing markets, according to a new data analysis from Clear Capital.
Southern markets dominated Clear Capital’s November 2016 Home Data Index Market report, with eight of the 15 top performing metros belonging to the region. The Memphis metro area held the top spot on the growth charts for November, reporting a 2.6 percent price increase over the last quarter and a 3.6 percent year-over-year increase. Florida’s Tampa-St. Petersburg-Clearwater metro came in second with a 1.9 percent quarter-over-quarter upswing and a 14.5 percent year-over-year spike.
“As the Western region’s long standing housing price growth dominance is beginning to fade, the South is the clear frontrunner as we begin to look forward to 2017 for top performing markets,” said Alex Villacorta, Ph.D., Vice President of Research and Analytics at Clear Capital. “The region hosts several of the nation’s top-performing and most talked about metropolitan markets like Dallas, Nashville, Miami, and others. Combined with its relatively low cost of living, the region appears to be gaining popularity among home buyers, signaling a new opportunity for investors and traditional homebuyers alike as affordability remains an issue in many other markets, namely those in the West and Northeastern regions."