A DataQuick report revealed more counties experienced home price increases in May compared to the prior month, with a notable surge occurring in cities located within the Mountain Time Zone.
According to the San Diego-based company’s Property Intelligence Report, 33 of the 42 counties tracked saw home values trend upward during May. Meanwhile,
On a yearly basis, home price growth was positive in 31 of the 52 counties analyzed by DataQuick.
Specifically, the PIR shows strong housing performance for Denver and Salt Lake City. Denver had year-over-year home prices increase by 13.6% in May, while Salt Lake City experienced a 6.4% uptick.
Meanwhile, over the same time period, foreclosures were down in both Denver and Salt Lake City, 47.8% and 60.0%, respectively.
“Steady employment growth is supporting the robust housing performance in both Denver and Salt Lake City as their central geographic location has allowed each market to diversify their economies and attract new businesses in industries such as defense, tourism and technology,” said Gordon Crawford, vice president of analytics for DataQuick.
Other highlights DataQuick noted from the May PIR is that home sales were higher in 24 of the 42 reported counties on a monthly basis, while 34 of the 42 counties had a drop in foreclosures month-over-month.
Even though overall home price growth has been steady recently, Crawford is still cautious about the effects unsteady job creation, domestic fiscal issues, and low levels of construction will have on the housing industry.
“The year has started strong, but moderate underlying home price drivers will eventually contribute to reductions in demand for housing and tempered growth; although the timing of such a decline is very uncertain,” Crawford added.
