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USA Real Estate Blog

12 cities with the best purchasing power for the spring housing market

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Some may say winter is coming, but where the mortgage industry is concerned, so is a competitive spring purchase season.

Though property values did steady at the end of the year, they’re up on an annual basis and expected to rise again as buyers battle over a limited supply of housing stock. Despite this, favorable conditions in certain local markets still offer consumers better purchasing power odds.

While in cities like Cleveland “real” house prices shot up 20% year-over-year in December, other areas saw such growth only reach about 5%, according to a First American Financial Corp. analysis of home values, factoring in local wages and mortgage rates in large cities.

From New York to Seattle, here’s a look at 12 cities with the best purchasing power odds for the upcoming spring market.

The data, from the First American Real House Price Index, measures annual home price changes, taking local wages and mortgage rates into account “to better reflect consumers’ purchasing power and capture the true cost of housing.”

The December 2018 data is ranked by smallest year-over-year changes in RHPI for cities where the current value is less than 100 (an RHPI reading of 100 is equal to housing conditions in January 2000).

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