Pro Teck [1] released its Monthly Housing Report using data from its Home Value Forecast (HVF) ranking system this week, showing the top 200 CBSAs in the U.S. in September 2017.
For the fifth consecutive month, the San Jose-Sunnyvale-Santa Clara, California CBSA is one of the best performing markets in the country based on September 2017 trends. Recently named as “one of the hottest markets in the country by Realtor.com”, Pro Teck attributes the San Jose metro’s high ranking to its Months of Remaining Inventory (MRI) of under four months, as well as other factors.
Foreclosure sales as a percent of of Regular Sales were under six percent and the metro experienced a 15.46 percent change in Sold Price at 1,120,000 sold homes. Pro Teck believes these are all indicative of a healthy single-family housing market.
When looking at the percentage in Sold Price data, Las Vegas-Henderson-Paradise, Nevada CBSA ranked second to San Jose CBSA with a 10.64 percentage change, followed by Tacoma-Lakewood, Washington at 8.89 percent.
Regarding MRI percentage change, the same CBSAs mentioned ranked below San Jose, but their spots reversed, with Tacoma-Lakewood CBSA coming in second with a 47.58 percent change and Las Vegas-Henderson-Paradise with a 44.23 percentage change in September.
Pro Teck reports that the HVF is based on a purely objective ranking system that uses nine market indicators based on directional trends. The system then identifies positive, negative, and neutral trends for a given series, which Pro Teck scores. The CBSA is calculated by summing the directional scores of each of its indicators and a declining trend in active listings is considered positive.
To the see the full data set click here [2].