- Affordability is taking a serious hit as markets hit new peaks; some have seen more than 7 percent growth so far this year.
- San Jose, San Francisco and Denver remain top performers.
- Detroit and Cleveland are surprise markets for January to July price appreciation.
During the first seven months of this year, 10 of the nation’s largest metros experienced home price appreciation that exceeded 7 percent.
The top three metros in terms of 2015 appreciation are no surprise — San Jose, San Francisco and Denver.
According to data from Black Knight Financial Services, these markets have all experienced double-digit price growth spanning January to July.
Overall homes appreciated by 12.7 percent in San Jose and 11 percent in San Francisco during this period. Values also rose by 10.1 percent in Denver.
Appreciation in the San Francisco Bay Area has driven median home prices to $865,000 in San Jose and $717,000 in San Francisco — the highest such prices amongst the nation’s largest metros.
A group of other large markets have experienced a 7 percent to 9 percent rise in home values this year:
- Seattle, 9 percent
- Portland, 8.9 percent
- Detroit, 8.8 percent
- Sacramento, 8.4 percent
- Austin, 7.4 percent
- Cleveland, 7.4 percent
- Dallas, 7.2 percent
Spanning January to July, no major metros experienced negative appreciation, with only seven witnessing sub-4 percent growth.
St. Louis represents the worst-performing larger market, having seen home values only rise by 0.9 percent. Other below-average markets included:
- Virginia Beach, Virginia (2.4 percent appreciation)
- Memphis (2.9 percent)
- Kansas City (3.4 percent)
- Baltimore (3.8 percent)
- New York City (3.8 percent)
- Providence (3.9 percent)
On a statewide basis, New York experienced the largest June to July rise in home prices — 1.4 percent. A number of smaller markets within the state contributed to this rise.
The cities of Utica, Ithaca, Buffalo, Glen Falls, Binghamton, Kingston and Syracuse all saw between 1.3 percent and 1.4 percent appreciation. Aside from these markets, only two locales — Janesville, Wisconsin and Palm Bay, Florida — saw comparable month-to-month increases.
Only two states — Missouri and Virginia — saw negative price movement from June to July. The declines were minimal, -0.1 percent and -0.2 percent, respectively.
Among the 20 most populous states, Washington ranked first when it came to year-over-year price growth (8.4 percent).