Ten-X released its Top Single-Family Housing Markets Report for winter, which ranks the nation’s 50 largest housing markets according to current and forecasted housing fundamentals.
The top five markets were Seattle; Fort Lauderdale, Fla.; Orlando, Fla.; Portland, Ore.; and Las Vegas. These markets had the best combination of rising home prices, favorable affordability and strong housing demand, combined with strong economic and demographic conditions that point to future demand.
Of the five markets highlighted in Ten-X’s winter 2015 single-family market rankings issued Oct. 20, only Las Vegas is new to the top five, making a sizable leap from 20th place to fifth place. The top three — Seattle, Fort Lauderdale and Orlando — remain unchanged while Portland inched ahead one spot from fifth place to fourth place.
“The fact that Las Vegas – ground zero during the foreclosure crisis – has climbed back to become one of the five hottest markets in the country tells you just how far we’ve come in terms of a housing recovery,” Ten-X Chief Marketing Officer Rick Sharga said in a release. “Destination cities like Las Vegas, Fort Lauderdale and Orlando are benefitting from low oil prices, which increase leisure and hospitality business, and in turn boosts employment and home prices. We expect the housing recovery to see some choppiness, but generally continue building on its current momentum.”
Seattle and Portland continue to enjoy robust economic and demographic growth driven by the tech sector, with housing fundamentals in these markets now eclipsing pre-recession peaks. Fort Lauderdale and Orlando represent the strength seen throughout most Florida markets following their acute recessionary decline, Ten-X said. Las Vegas signals progress in another market that had been decimated by the housing crisis. Florida and Las Vegas now are boosted by revitalized local economies and population growth driving market demand.
“The U.S. housing market recovery continues to be supported by underlying economic fundamentals, particularly the improved labor market,” Ten-X Chief Economist Peter Muoio said. “Though new regulatory procedures induced some volatility in late 2015, home sales continued at a healthy pace, and while a tight inventory of homes constrained improvement in sales, it has contributed to accelerated gains in home prices.”