West leads in home price growth, but maybe not for long
Home price appreciation continued to show steady growth in January, posting a 0.9% increase from the previous quarter, according to Clear Capital's Home Data Index report.
The HDI measures data in rolling quarter intervals, comparing the most recent four months to the previous three.
The West maintained its lead with the country's highest overall growth rate, though there may be signs that it is faltering; the region no longer hosts the majority of the nation's fastest growing metropolitan areas, with only six of the top 15 fastest growing cities residing there.
San Jose, California, and Las Vegas continue leading in strongest quarter-over-quarter appreciation, growing 2.28% and 2.01%, respectively.
Seattle was also part of the six Western regions in the nation's top 15 fastest growing cities, but showed signs of slipping during the summer months. Seattle's quarterly growth decreased 0.31% to 1.51% in the fourth quarter.
The Northeast challenged the Western region after seeing a jump in home price appreciation. The region posted a 1.1% increase in home price growth from the previous quarter.
Notably, one of the Northeast's top performers in home value appreciation, Providence, Rhode Island, saw a 0.13% decline in price appreciation to 1.51%.
New York returned to the top 15 fastest growing metro areas in January, posting a 1.24% increase in price appreciation.
Pittsburgh and Philadelphia were the top two lowest performing metro areas, with home prices growing 0.16% and 0.43%, respectively.
Unlike the other regions, the South reported a drop in quarterly home price appreciation, falling 0.2% to 0.7%.
Orlando, Florida, and Houston were among the region's worst performers, reporting the greatest drops in home value growth. In contrast, Memphis, Tennessee, remained the South's top performer with 1.75% quarter-over-quarter growth.
The Midwest region posted moderate gains, reporting an increase of 0.9% for the month of January.
Detroit continued to post solid results, rising 1.72%. Louisville, Kentucky, and Minneapolis were among the Midwest's lesser performers, with home values growing only 0.67% and 0.75%, respectively.