Home Price Appreciation on a Decelerating Trend
Appreciation is on a decelerating trend, according to ATTOM Data Solutions' latest quarterly report. On a national scale, prices rose 6.3 percent in the second quarter of 2018—the fifth quarter in a row of slowing.
"Annual home price appreciation nationwide has now slowed for five consecutive quarters following a post-election spike to double-digit appreciation in the first quarter of 2017," says Daren Blomquist, senior vice president at ATTOM Data Solutions. "Although home sellers are still in the driver's seat of this housing market, moderating home price appreciation is good news for prospective homebuyers and signals that rising mortgage rates and other housing headwinds are cooling red-hot home price appreciation in some areas."
Highlights from the Q2 report:
- From Q2 2017 to Q2 2018, appreciation was fastest in Boise, Idaho (+14.3 percent), Flint, Mich. (+23.7 percent), San Francisco, Calif. (+14.2 percent), San Jose, Calif. (+25 percent) and Seattle, Wash. (+14.3 percent).
- In Q2 2018, appreciation picked up in 42 (or 34 percent) of the 122 metros in the report, including in Boston, Mass.; Detroit, Mich.; New York, N.Y.; San Francisco, Calif.; and Washington, D.C., but slowed in 80 (or 66 percent), including in Chicago, Ill.; Dallas-Fort Worth, Texas; Houston, Texas; Los Angeles, Calif.; and Philadelphia, Pa.
- In Q2 2018, the median home price in 79 (or 65 percent) of the 122 metros was above its pre-recession peak, including in Dallas-Fort Worth; Denver, Colo.; Greeley, Colo.; Houston; and San Antonio, Texas. In 43 (or 35 percent) of the metros, including in Atlantic City, N.J.; Naples, Fla.; Salisbury, Md.; Trenton, N.J.; and York, Pa., the median home price remains under.