Data from Black Knight has revealed that the U.S. housing market is currently split into two.
Property prices on the East Coast are booming, while those on the West Coast are plummeting.
- In January, all the 12 major housing markets located west of Texas, including Austin, saw a year-over-year house price decline. A trend reversal was witnessed in the 37 metro areas east of Colorado.
- According to the VP of enterprise research strategy at Black Knight, Andy Wallen, such a stark difference in trends between the east and west is happening for the first time.
- This emerging trend in the housing market is attributed to homebuyers responding to local factors, such as affordability, supply, and job growth.
- The steepest declines occurred in San Jose (10.5%), San Francisco (10.3%), and Seattle (7.5%). The largest gainers were Miami (12%), Orlando (9.3%), and Buffalo (8.3%).
