Veros Expects Home Price Appreciation from Most Top Markets
Veros Real Estate Solutions’ latest quarterly forecast indicates the top 100 markets nationwide will appreciate on average 1.2% over the next 12 months.
The company also said that this is the first time since 2006 that it has forecast double-digit annual appreciation in any market. It forecast over 10% appreciation for the top market, Phoenix.
A relatively small percentage of markets, primarily in the Northeast, are forecast to decrease to a limited extent. Data show the bottom five depreciating roughly 2% to 3%.
“Unemployment remains a key discriminator between the top 10 and the bottom 10 markets,” Veros said in its report.
How a hurricane like Sandy, which hit the Northeast, affects home prices can be mixed, Veros’ vice president of statistics and economic modeling Eric Fox told this publication.
Historically, hurricanes can go for or against a market, depending on whether the population stays and rebuilds or instead leaves, he said.