California with the Best Performing Metropolitan Housing Markets

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A recent report by one of the leading house valuation companies has revealed that there are considerable discrepancies between the performances of housing markets in different parts of the United States. While some metropolitan areas enjoy stable housing price growth others still perform fairly poorly. The fastest growing metropolitan area markets are in California.

The best performing metro area housing market in the United States during the first quarter of 2014 was that of Riverside, California. It achieved a price growth of 2.4% on a quarterly basis. The other California metro areas in the chart of the ten best performing markets are Sacramento, Oxnard, Los Angeles, Fresno, San Francisco and Bakersfield. They take the third, fourth, sixth, seventh, eighth and ninth position respectively. Other metropolitan areas which have the top performing housing market include Atlanta, Georgia, with 2.3% growth on a quarterly basis, Las Vegas, Nevada, with 2% growth and Miami, Florida, with a growth of 1.9%.

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The price growth in the metropolitan areas of California can be explained primarily with the rise in investor activity. Los Angeles, in particular, has been proclaimed as one of the top markets for property investment in the world. At the same time, the higher prices and the tight mortgage standards make it difficult for the average household to afford the purchase of a property in the fastest growing markets.

There is a greater diversity in the worst performing housing markets in the United States. The chart is topped by New Orleans, Louisiana, where house prices dropped by 1.9% on a quarterly basis during the first quarter of 2014. Other markets with negative growth during the first quarter of 2014 include Memphis, Tennessee, Milwaukee, Wisconsin, Rochester, New York, St. Louis, Missouri, Jacksonville, Florida, and Baltimore, Maryland.

Overall, the forecast is that despite the weak spring buying season of 2014, the national housing market will stabilize to achieve a growth of approximately 4% on an annual basis.

Mailynne

Mailynne

Mailynne serves as a content strategist and writer for mortgage.info. She is ahighly task-oriented strategic planner and experienced writer. Over the past 10 years, Mailynne has managedcontent for both large corporations, non-profits and businesses. She specializes in managing digital marketing,branding and web development content. Mailynne has worked with a variety of local, national and international organizations.

Contact: mailynne@mortgage.info
Mailynne

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