Housing markets across the West Coast once again beat out all others, according to the latest Home Value Forecast released March 18 by Pro Teck Valuation Services.
For the second consecutive month, Bellingham, Wash. topped the list of the best-performing metropolitan areas in terms of home values. Seattle and four California cities also made the list, while three Texas metropolitan areas also came out on top.
In addition to its monthly monitoring of home values, the Pro Teck study also looked at the impact of the oil and gas industry on home values in areas where it dominates as an employer.
The research found that cities with more diversified economies better withstand falling oil prices, meaning that places like Houston and San Antonio in Texas have a shot at retaining their strong home values if the oil and gas industry doesn't monopolize the local economy too much.
Additionally, the top 10 cities in terms of home value from Pro Teck's monthly study can expect to see "seller's markets" into the spring, according to Pro Teck CEO Tom Grady.
On the other end of the spectrum, the weight of foreclosures continued to drag down home values across the bottom 10 metropolitan areas identified by Pro Teck. This list highlighted three metropolitan areas in both Florida and Ohio, including Akron, Ohio where foreclosures make up 45% of market sales.
