National home prices have dropped 5% quarter over quarter, Clear Capital reports, but the local-level price dynamics ‘differ significantly’ from macro trends, according to the company's senior statistician, Alex Villacorta.
‘For example, all six major metropolitan areas in California are outperforming both national and West region numbers in terms of yearly gains,’ Villacorta says. ‘Conversely, four of the top markets in Florida are either in or very near double-dip territory, even though national prices remain nearly eight percent above 2009 lows.’
National home prices have fallen 6.8% since their mid-August peak, says Clear Capital.
Markets in the East, including employment centers Washington, D.C., and New York, have seen quarterly gains. Home prices in the nation's capital grew 2% on a quarterly basis.
But markets in the Midwest and South, such as New Orleans; Columbus and Dayton, Ohio; and Atlanta saw quarterly declines that were more than double the national rate. Home prices in the New Orleans and Atlanta metropolitan statistical areas fell 15.8% and 13.4%, respectively, Clear Capital says.
The data firm also reports that national home prices remain 7.7% over double-dip territory, but that six local markets – Atlanta; Birmingham, Ala.; Portland, Ore.; Seattle; Tucson, Ariz.; and Virginia Beach, Va. – have recently suffered new home-price lows. Another 14 markets are within 5% of double-dip lows, Clear Capital adds.
SOURCE: Clear Capital