Top 8 U.S. Cities For Home Price Appreciation
Investors and home buyers are always on the look out for cities that have housing markets with appreciating home prices, especially when there is a slump in the housing market nationwide. Here are the insights into the top 8 U.S. cities for home price appreciation according to the Office of Federal Housing Enterprise Oversight (OFHEO) that are worth buying a home in, especially in view of their appreciating home prices.
The top eight cities that have exceeded the U.S. average in home appreciation and are prevailing against the current sag in the market are:
1. Portland, Oregon
2. Seattle, Washington
3. Salt Lake City, Utah
4. Boise, Idaho
5. Houston, Texas
6. Austin, Texas
7. Charlotte, Florida
8. Raleigh, Florida
Home price appreciation was much higher in these 8 cities with double digit increase in markets like Boise and Seattle, while the national average of home price increase was only 5.9 % between the fourth quarters of 2005-2006. Several of these cities had missed the housing boom of the last five years and many had lagged behind in the annual appreciation rates. For instance, while the national average for home appreciation ranged from 7 % to 12 % between 2001 and 2005, these cities had experienced only an annual appreciation of 2 % to 5 %. So, at present, the eight cities are catching up on the recent housing boom, making now the best time for buyers to enter their markets.
These top eight cities are also great places for settling up house because of their strong economies backed by flourishing industries and good educational levels that are above the national average.
Austin has a very affordable housing market with the median sales price of Austin-Rock Rock area at $173,700. Austin saw an appreciation of home prices by 6.7 % from the 4th quarter of 2005 to 4th quarter of 2006. This appreciation is steadier when compared to areas such as Fort Lauderdale where prices went up above 30 %.
Home prices in the Charlotte area increased 9.09 % from the 4th quarter of 2005 to the 4th quarter of 2006. This was its fastest appreciation since the past 14 years according to the OFHEO.
Even as Mr. Yun, senior economist for the National Association of Realtors (NAR) predicts that the home prices on a national scale will bottom out this summer, economists and local real estate agents forecast a stable growth in these cities for the near future. Homes in these markets will continue to grow at a stable pace and they are not expected to be overpriced too much than in the booming markets in the first half of the decade.
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