Top real estate markets in the United States are beginning to cool down, according to Clear Capital, a provider of housing data and valuation services. The markets are still growing and improving, its latest report finds, but not at the rates seen in recent memory.
"Even though as a whole, this group hasn’t experienced returns this low since June 2011, each of the 15 markets continued to post quarterly gains," the Clear Capital report states. "The overall performance of the group has stabilized and tightened, with only 3.1% separating the highest performing market, Washington, D.C., from the 15th place market, Cleveland."
Four Florida markets — Orlando, Tampa, Jacksonville and Miami — continue to keep their positions among the highest performing markets quarter-over-quarter, rebounding from the steep drops and high levels of foreclosures they experienced over the past two years, the report states.
According to Clear Capital, Orlando and Miami also show strong year-over-year performance, topping the list with 5.9% and 5.4% growth respectively.
"The strong upward price movement for these Florida markets has correlated with a 12% drop in REO saturation over the last year at the state level," the report says. "The growth in Florida’s MSAs must be described in proper perspective against the state’s precipitous -59.1% drop in prices from peak values in 2006 to today."
LinkAtlanta is now the market feeling the most acute drop in housing. The city is down nearly 20% year-over-year and the REO saturation rate is reaching 43%, second only to Las Vegas and Detroit.