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July Ranking Shows Strong Performance for Northeast Markets

While states in the Northeast have generally lagged behind the housing recovery seen in many other states across the nation, a few markets in the Northeast are beginning to look favorable, according to the ""Home Value Forecast"":http://www.proteckservices.com/hvf-updates/current-rise-in-home-prices-is-not-another-national-housing-bubble/ released Thursday by ""ProTeck Valuation Services."":http://www.proteckservices.com/


In fact, in ProTeck's review of the top 200 core-based statistical areas (CBSAs) across the United States, the top two rankings went to CBSAs in the Northeast--Cambridge-Newton-Farmingham, Massachusetts and Providence-New Bedford-Fall River, Rhode Island-Massachusetts.

ProTeck's rankings are based on a number of housing market indicators, including home prices, active listings, foreclosure data, average number of days on market, and more.

ProTeck highlights the fact that Concord, Massachusetts--located within the Cambridge CBSA--is somewhat of an outlier in that it has outperformed its neighbors.


""There are a number of reasons for the historical and forecasted outperformance of this ZIP code which include the fact that homebuyers in this ZIP code have historically been better capitalized and, thus, better able to weather declines in home prices,"" ProTeck stated.

While the Northeast claimed the top two spots on the list, the top 10 markets included markets from most regions of the country.

Texas claimed three spots on the top 10 list with Houston and Dallas claiming the third and fourth spots, respectively, and San Antonio taking the sixth spot.

North Carolina CBSAs--Raleigh, Durham, and Charlotte--took the following three spots, which is notable because ""[t]hese markets had also been lagging somewhat,"" according to ProTeck.

""Of note is that all of the Top 10 markets this month are exhibiting positive trends in every one of the indicators that we follow,"" ProTeck announced in its report.

The bottom 10 CBSAs in ProTeck's survey also represent most regions of the country.

High inventory and declines in sales year-over-year are common threads in all bottom 10 CBSAs.

Also, with Portland, Oregon, as the exception, ""the common theme among these is that all are relatively small markets based on both population size and sales activity,"" according to ProTeck.

Washington, Alabama, and Tennessee each had two CBSAs in the bottom 10 this month.