A handful of housing markets in the West showed signs of resilience in October, Pro Teck Valuation Services' monthly Home Value Forecast indicates.
There were just 29 out of 200 regions tracked as part of Pro Teck's Top Ten indicator that performed particularly well, having reached their highest raw score possible on a number of housing market indicators, including listings activity, sold-to-list price ratios and days on the market.
All 29 regions had less than four months of remaining inventory and saw double-digit percent decreases in active listings, signs that point to a positive future outlook for sellers.
But the trends vary by region as 21 of them were located west of the Rockies, including the 10 best-performing metro areas of which six are located in California, three in Washington and one in Idaho.
"While new housing units are on the upswing, the numbers are still at historical lows," said Pro Teck's Chief Executive Tom O'Grady in an Oct. 29
Though no metro areas were ranked "distressed" by Pro Teck's Top Ten indicator, Atlantic City, N.J., and Jacksonville, N.C., were both deemed "weak" because of high foreclosure levels. Midland, Texas, was also among the least-performing housing markets, a result of unused oil rigs making the metro area less attractive.
"A 169% increase in active home listings and a 207% increase in MRI are just two examples of how quickly change can come," noted O'Grady.
