The warning of home growth headwinds for the Northeast comes from the nationwide Home Data Index report from real estate data firm Clear Capital which shows that while the national growth in prices in the third quarter was 0.8%, the Northeast is experiencing a quarter-over-quarter decline in home appreciation and is down to 0.6% from the high of 0.9% in April.
"Our data and analytics are showing quite the contrast from coast to coast in the nation. The West continues to accelerate, holding 8 of the 15 fastest growing metros, while the Northeast continues to show a decline in home appreciation in the region," commented Clear Capital CEO and Co-Founder Duane Andrews.
While the region overall is lagging, Providence, Rhode Island and New York were among the top 15 highest performing major markets.
Hartford, Connecticut is the only MSA seeing negative quarter-over-quarter growth at -0.1% and 1.3% year-over-year. Rochester is experiencing stagnation in home prices, up only 0.2 percent quarter-over-quarter and 1.7 percent year-over-year, matching inflation.
The strongest growth shown in the report
quarter-over-quarter was Las Vegas-Paradise (2.5%) followed by Memphis (2.4%) – both markets saw a year-over-year gain of 10.9%.
More market update:
Home prices in the Northeast have shown a decline quarter-over-quarter and the region is experiencing slow growth, negative growth and stagnation.