Fastest growing housing markets:
1. Boulder, CO
2. Elmira, NY
3. Springfield, IL
4. Port St Lucie, FL
5. Cumberland, MD
Not all U.S. housing markets have returned to pre-crisis levels. According to data released in August by the National Association of Realtors, housing prices increased the most in the Western and Southern United States, while in the Northeast prices grew slowly, or declined.
Based on median single-family home price changes over the year through the second quarter from the NAR, 24/7 Wall St. reviewed the fastest growing (and shrinking) housing markets. The Boulder, Colorado area leads the nation with home prices rising 18.5% over the year. Home prices are down 13.1% in the Atlantic City-Hammonton, New Jersey region, the largest decline.
In an interview with 24/7 Wall St., Danielle Hale, managing director of housing research at the NAR, said, “It’s good to think of [real estate] as being a life cycle product.” Young people with relatively unestablished careers and unsettled families typically rent to remain mobile. Once they become more established, they tend to transition into homeownership. “And they don’t often transition back into renting,” Hale noted.
Rising home prices are obviously a good thing for current owners, and also stimulate the economy. According to the “The State of the Nation’s Housing 2016,” a report by the Joint Center for Housing Studies of Harvard University, when home equity grows, owners spend more on home improvement projects and consumer spending increases in households.
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