SOURCE: Clear Capital

Clear Capital

October 24, 2017 12:46 ET

California Wildfires To Fuel Even More Western Home Price Appreciation

Buyers and renters to compete for supply

RENO, NV--(Marketwired - October 24, 2017) - Today, Clear Capital released its monthly Home Data Index™ (HDI™) report, showing consistent quarter-over-quarter home price growth for the West, but with a decrease in quarter-over-quarter home price appreciation for Las Vegas and Seattle.

The October HDI data revealed that the entire state of California holds five of the top 15 highest performing major metro markets, which now include San Francisco and Riverside, California. Overall, the West has a secure foothold on home price appreciation with eight of the top 15 fastest growing metros belonging to the region.

Within this region, wildfires in northern California have led to the destruction of about 5,700 structures, including homes and businesses. Most of these structures were single and multi-family homes in Sonoma County. Residents of the region were already suffering from extremely low long-term rental options and a vibrant short-term rental market. The massive loss of housing units in such a low supply market is going to add more stress to those already impacted and access to housing will get even more expensive as time goes on.

"The Western region's growth is due, in part, to first time home buyers and those looking to re-enter the housing market post-foreclosure during the recession. Along with scarce home inventory and a strong tech economy, home price appreciation is being driven upwards," said Clear Capital President and Co-Founder Kevin Marshall. "The fires in and around Sonoma County will drive more upward price movement and we'll likely see near zero inventory," stated Marshall.

Although the West owns three of the fastest growing metros nationwide, aggregated data revealed that both Las Vegas, Nevada and Seattle, Washington saw declines in October as they moved down the top 15 MSA list to positions two and five, respectively.

The Western region as a whole continues to outperform the South, Northeast and Midwest regions with quarter-over-quarter price growth, showing the West at 1.3 percent, the South at 0.8 percent, the Northeast at 0.6 percent and the Midwest at 0.6 percent. Nationally, home price growth continued to hold steady at 0.8 percent.

The Clear Capital August HDI report features the top 15 appreciating and depreciating MSAs based on quarter-over-quarter and year-over-year data, as well as national performance based on four separate regions: West, Midwest, South and Northeast.

Clear Capital's HDI platform runs on patent-pending indexing technology and provides housing market data and analysis that assist mortgage lenders and financial organizations with a holistic view of market performance, trends and forecasting.

To learn more, please download a copy of the Clear Capital October HDI report or visit www.clearcapital.com. To schedule an interview, please contact Director of Marketing Sarah Hartshorn at (530) 550.2588.

About Clear Capital

Clear Capital (www.clearcapital.com) is the premium provider of data and solutions for residential and commercial real estate asset valuation and collateral risk assessment for large financial services companies. Their products include appraisals, broker price opinions, property condition inspections, value reconciliations, quality assurance services, home data indices and platform solutions. Clear Capital's combination of progressive technology, high caliber in-house staff and a well-trained network of more than 40,000 field experts sets a new standard for accurate, up-to-date and well documented valuation data and assessments. The company's customers include the largest U.S. banks, investment firms and other financial organizations.

Link to Infographic.

Image Available: http://www.marketwire.com/library/MwGo/2017/10/24/11G146886/Images/oct-market-report-cc_sept-market-report-cc-1920-de434209b095be4c8c6d6eef8d553ea3.jpg

Contact Information