The majority of US housing markets are on the mend according to a new report from Pro Teck Valuation Services
The majority of US housing markets are on the mend according to a new report from Pro Teck Valuation Services.
Its Home Value Forecast analyzes market trends and says that most core based statistical areas (CBSAs) have transitioned from ‘weak’ to ‘hot’ over the three years to October 2017.
In October 2014 just 7 CBSAs were hot, last month 78 were. The number that were deemed weak was 11 in 2014 and just 2 in 2017.
Seventy percent of markets were either strong or hot in 2017, up from just 22.5% in 2014 with those that are weak down from 39% to just 10.5%.
"Limited inventory and a backlog in construction has left a void in available housing stock, leading to a strong real estate market filled with competitive buyers, increased prices and many same-day sales," said Tom O'Grady, CEO of Pro Teck Valuation Service.
Its Home Value Forecast analyzes market trends and says that most core based statistical areas (CBSAs) have transitioned from ‘weak’ to ‘hot’ over the three years to October 2017.
In October 2014 just 7 CBSAs were hot, last month 78 were. The number that were deemed weak was 11 in 2014 and just 2 in 2017.
Seventy percent of markets were either strong or hot in 2017, up from just 22.5% in 2014 with those that are weak down from 39% to just 10.5%.
"Limited inventory and a backlog in construction has left a void in available housing stock, leading to a strong real estate market filled with competitive buyers, increased prices and many same-day sales," said Tom O'Grady, CEO of Pro Teck Valuation Service.
| Market Condition | |||
| October 2014 vs. October 2017 | |||
Market Condition Ranking |
October 2014 | October 2017 | |
| Hot | 7 | 78 | |
| Strong | 38 | 62 | |
| Good | 48 | 30 | |
| Normal | 29 | 9 | |
| Soft | 67 | 19 | |
| Weak | 11 | 2 | |
