According to Zillow, the housing market is “heading towards normalcy” for the first tome in two decades. Property values are steadying, and in some cases declining, and accelerating home prices are slowing down.
First American Financial Corporation believes that the combination of more affordable home values, a still strong economy and lower interest rates is giving buyers more of a chance to participate in the housing market. Its Real Home Price Index (RHPI) in April 2019 indicated that “real” prices decreased -0.72% and -0.9% respectively on annual and monthly bases.
First American’s RHPI just released its list of housing markets where buyers can get the biggest bang for their bucks using the foundational data points of annual home price changes, local wages and local mortgage rates.
12 Markets Where Buyers Get the Biggest Bang for Their Bucks
- Pittsburgh
– Median sale price – $139,800
– RHPI y/y – 0.05%
– RHPI – 60.96
- Hartford CT
– Median sale price – $204,000
– RHPI y/y – -0.01%
– RHOI – 77.48
- Jacksonville FL
– Median sale price – $185,100
– RHPI y/y – -0.10%
– RHPI – 90.71
- Dallas
– Median sale price – $263,302
– RHPI y/y – -0.57%
– RHPI – 97.05
- Memphis
– Median sale price – $129,875
– RHPI y/y – -0.69%
– RHPI 54.51
- Chicago
– Median sale price – $222,303
– RHPI y/y – -0.80%
– RHPI – 64.10
- Washington DC
– Median sale price – $372,864
– RHPI y/y – -0.83%
– RHPI – 86.04
- Oklahoma City
– Median sale price – $148,313
– RHPI – 69.05
- St. Louis MO
– Median sale price – $161,563
– RHPI y/y – -1.20%
– RHPI – 63.02
- San Diego
– Median sale price – $553,563
– RHPI y/y – -2.25%
– RHPI – 95.20
- Portland OR
– Median sale price – $364,825
– RHPI y/y – -4.52%
– RHPI – 95.39
- Seattle
– Median sale price – $460,687
– RHPI y/y – -6.29%
– RHPI – 88.24
