Report casts Texas markets in positive light

Cities in Texas continue to enjoy a strong influx of moving families, a trend that is expected to drive home prices there upwards over the next year.

Veros Real Estate Solutions reported that the Houston metropolitan area projects to have the strongest home price appreciation over the next 12 months. A strong jobs market there brought more relocating workers to the city, stabilizing the local real estate market over the previous quarter. Those positive gains should lead to a 3.8 percent increase in average Houston home prices in the next year, said the report.

Two other Texas markets - the Dallas-Fort Worth-Arlington metropolitan area and the Amarillo MSA - were projected to see home price increases of 2.7 percent, as improved home affordability continues to encourage moving activity in those areas.

"Texas is looking strong, with four of the top ten markets in the appreciation forecast," said Eric Fox, Veros' vice president of statistical and economic modeling. "Anchorage is showing modest gains, as are the Central Plains, with a rise in the Davenport-Moline-Rock Island areas of Illinois and Iowa."

Three Florida metro areas ranked among the five weakest markets in the country, while two Nevada markets - Reno and Las Vegas - rounded out the bottom five.

High foreclosures continue to depress home prices in those two states. Respectively, Nevada and Florida have the first and second-highest foreclosure rates in the country, according to RealtyTrac.
 

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