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San Diego Tops List for 2011 Housing Recovery
Veros Real Estate Solutions, an industry market research group, released a report Monday morning saying that 40 percent of the major metro areas in the US will experience a rebound in home prices in 2011. The report showed that most of that 40 percent will be cities with populations under 250,000, though a few larger cities like San Diego and Pittsburgh were mentioned, as well.
The survey from Veros is welcome news for housing insiders, as the health of the market is in question. The nation's median home price is currently $168,800, 1 percent below the median from December 2009, according to the National Association of realtors. NAR attributes the stagnant national home prices on the continuing influx of distressed properties entering the market.
But Veros' report offers hope for the struggling industry, especially in smaller markets. There is some bad news in the report as well, however, particularly for several Florida markets, with Orlando, Port St. Lucie, and Daytona Beach all among the areas Veros expects to experience depreciation in 2011.
Among the nation's four major regions, Veros says the South will enjoy the healthiest recovery this year. Check out Veros projections for the top and bottom five markets in terms of appreciation of median home value below.
5 Strongest U.S. Housing Markets for 2011
| San Diego, California | +3.5% |
| Kennewick, Washington |
+3.4% |
| Pittsburgh, Pennsylvania |
+2.7% |
| Fargo, North Dakota |
+2.6% |
| Washington, D.C. |
+2.5% |
5 Weakest U.S. Housing Markets for 2011
| Reno, Nevada | -7.2% |
| Orlando, Florida |
-6.5% |
| Boise City, Idaho |
-6.4% |
| Daytona Beach, Florida |
-6.3% |
| Port St. Lucie, Florida |
-6.3% |
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