Housing Price Index changes by MSA
March 3, 2012
I get a little annoyed when I see articles ranking which states have the worst foreclosure problem or the biggest drop in housing prices over time. Why would anyone want to look at this at the state level? Maybe state governors and political talking heads? Not really my kind of audience. The economic drivers that determine the health of a housing market are far more localized and don’t really care about state boundaries. I think you have to at least look at metropolitan areas to learn something about housing prices.
For example, let’s look at Illinois. The great State of Illinois is obviously dominated by the city of Chicago and if you look at housing prices for all of Illinois you’re really just seeing a watered down view of what’s happening in Chicago that won’t tell you anything about the housing market in Springfield. So, looking at housing price changes in Illinois you see a decrease of about 20%. If, however, you look at several metropolitan areas in Illinois you’ll see that while Chicago has taken a sizable hit in home prices, down -23%, parts of central Illinois are actually doing pretty well. The Champaign-Urbana market is down less than 1%, Decatur and Peoria are both up about 2% and Springfield, the state capital, is actually up almost 5%.
So, to help identify the best and worst performing markets over the past 5 years, I’ve compiled the following list based on House Price Index (HPI) data from the Federal Housing Finance Agency. Forbes will only give you the top 10 with ads at every click but here you get data for over 300 metros. Housing markets are ranked from worst (biggest drop in housing prices) to best (largest increase in housing prices). Merced, California is the worst performing housing market in the US over the past 5 years dropping more than 60% in value while Bismarck, North Dakota has fared the best rising 16% in value.
|
Rank |
Region |
5-yr HPI |
|
1 |
Merced, CA |
-62.46 |
|
2 |
Las Vegas-Paradise, NV |
-59.81 |
|
3 |
Modesto, CA |
-58.85 |
|
4 |
Stockton, CA |
-57.22 |
|
5 |
Vallejo-Fairfield, CA |
-54.05 |
|
6 |
Madera-Chowchilla, CA |
-52.64 |
|
7 |
Salinas, CA |
-51.54 |
|
8 |
Cape Coral-Fort Myers, FL |
-51.23 |
|
9 |
Bakersfield-Delano, CA |
-50.66 |
|
10 |
Naples-Marco Island, FL |
-50.49 |
|
11 |
Reno-Sparks, NV |
-50.41 |
|
12 |
Port St. Lucie, FL |
-50.29 |
|
13 |
Yuba City, CA |
-49.42 |
|
14 |
Riverside-San Bernardino-Ontario, CA |
-48.04 |
|
15 |
Palm Bay-Melbourne-Titusville, FL |
-47.87 |
|
16 |
Phoenix-Mesa-Glendale, AZ |
-47.78 |
|
17 |
Punta Gorda, FL |
-47.08 |
|
18 |
Fresno, CA |
-46.70 |
|
19 |
North Port-Bradenton-Sarasota, FL |
-46.55 |
|
20 |
Deltona-Daytona Beach-Ormond Beach, FL |
-46.24 |
|
21 |
West Palm Beach-Boca Raton-Boynton Beach, FL (MSAD) |
-46.22 |
|
22 |
Visalia-Porterville, CA |
-46.04 |
|
23 |
Orlando-Kissimmee-Sanford, FL |
-45.20 |
|
24 |
Ft. Lauderdale-Pompano Bch.-Deerfield Bch., FL(MSAD) |
-44.84 |
|
25 |
Miami-Miami Beach-Kendall, FL (MSAD) |
-43.62 |
|
26 |
Sacramento-Arden-Arcade-Roseville, CA |
-43.52 |
|
27 |
Bend, OR |
-43.25 |
|
28 |
Ocala, FL |
-42.96 |
|
29 |
Lakeland-Winter Haven, FL |
-42.66 |
|
30 |
Lake Havasu City-Kingman, AZ |
-42.64 |
|
31 |
Prescott, AZ |
-40.55 |
|
32 |
Tampa-St. Petersburg-Clearwater, FL |
-40.26 |
|
33 |
Redding, CA |
-39.76 |
|
34 |
Santa Barbara-Santa Maria-Goleta, CA |
-39.53 |
|
35 |
Napa, CA |
-39.14 |
|
36 |
Yuma, AZ |
-37.65 |
|
37 |
Santa Rosa-Petaluma, CA |
-37.32 |
|
38 |
Medford, OR |
-36.80 |
|
39 |
St. George, UT |
-36.78 |
|
40 |
Boise City-Nampa, ID |
-35.65 |
|
41 |
Oxnard-Thousand Oaks-Ventura, CA |
-34.87 |
|
42 |
Tucson, AZ |
-34.71 |
|
43 |
Oakland-Fremont-Hayward, CA (MSAD) |
-34.64 |
|
44 |
Jacksonville, FL |
-33.76 |
|
45 |
Detroit-Livonia-Dearborn, MI (MSAD) |
-33.70 |
|
46 |
Chico, CA |
-33.66 |
|
47 |
Panama City-Lynn Haven-Panama City Beach, FL |
-33.40 |
|
48 |
Flint, MI |
-33.13 |
|
49 |
Los Angeles-Long Beach-Glendale, CA (MSAD) |
-32.83 |
|
50 |
Flagstaff, AZ-UT |
-32.57 |
|
51 |
Winchester, VA-WV |
-32.21 |
|
52 |
San Luis Obispo-Paso Robles, CA |
-32.17 |
|
53 |
Crestview-Fort Walton Beach-Destin, FL |
-31.72 |
|
54 |
San Diego-Carlsbad-San Marcos, CA |
-31.71 |
|
55 |
Hagerstown-Martinsburg, MD-WV |
-31.31 |
|
56 |
Santa Ana-Anaheim-Irvine, CA (MSAD) |
-30.93 |
|
57 |
Warren-Troy-Farmington Hills, MI (MSAD) |
-30.70 |
|
58 |
Santa Cruz-Watsonville, CA |
-29.83 |
|
59 |
Gainesville, FL |
-26.38 |
|
60 |
Coeur d’Alene, ID |
-26.22 |
|
61 |
Monroe, MI |
-26.19 |
|
62 |
Gainesville, GA |
-25.35 |
|
63 |
Jackson, MI |
-25.19 |
|
64 |
Pensacola-Ferry Pass-Brent, FL |
-25.02 |
|
65 |
Tacoma, WA (MSAD) |
-25.02 |
|
66 |
Myrtle Beach-North Myrtle Beach-Conway, SC |
-24.87 |
|
67 |
Tallahassee, FL |
-23.59 |
|
68 |
San Jose-Sunnyvale-Santa Clara, CA |
-23.53 |
|
69 |
Lansing-East Lansing, MI |
-23.52 |
|
70 |
Chicago-Joliet-Naperville, IL (MSAD) |
-22.86 |
|
71 |
Minneapolis-St. Paul-Bloomington, MN-WI |
-22.61 |
|
72 |
Poughkeepsie-Newburgh-Middletown, NY |
-22.48 |
|
73 |
Atlantic City-Hammonton, NJ |
-22.07 |
|
74 |
Lake County-Kenosha County, IL-WI (MSAD) |
-21.94 |
|
75 |
Washington-Arlington-Alexandria, DC-VA-MD-WV (MSAD) |
-21.41 |
|
76 |
Providence-New Bedford-Fall River, RI-MA |
-21.36 |
|
77 |
Ann Arbor, MI |
-20.92 |
|
78 |
San Francisco-San Mateo-Redwood City, CA (MSAD) |
-20.83 |
|
79 |
Mount Vernon-Anacortes, WA |
-20.31 |
|
80 |
Dover, DE |
-20.04 |
|
81 |
Seattle-Bellevue-Everett, WA (MSAD) |
-19.92 |
|
82 |
Bremerton-Silverdale, WA |
-19.90 |
|
83 |
Atlanta-Sandy Springs-Marietta, GA |
-19.74 |
|
84 |
Portland-Vancouver-Hillsboro, OR-WA |
-19.54 |
|
85 |
Wilmington, NC |
-19.34 |
|
86 |
Bethesda-Rockville-Frederick, MD (MSAD) |
-18.88 |
|
87 |
Salem, OR |
-18.63 |
|
88 |
Eugene-Springfield, OR |
-18.48 |
|
89 |
Baltimore-Towson, MD |
-18.40 |
|
90 |
Longview, WA |
-18.38 |
|
91 |
Edison-New Brunswick, NJ (MSAD) |
-18.18 |
|
92 |
Olympia, WA |
-18.03 |
|
93 |
Worcester, MA |
-18.03 |
|
94 |
Ocean City, NJ |
-17.96 |
|
95 |
Bay City, MI |
-17.78 |
|
96 |
Camden, NJ (MSAD) |
-17.69 |
|
97 |
Manchester-Nashua, NH |
-17.37 |
|
98 |
Mansfield, OH |
-17.21 |
|
99 |
Nassau-Suffolk, NY (MSAD) |
-17.13 |
|
100 |
Grand Rapids-Wyoming, MI |
-17.05 |
|
101 |
Trenton-Ewing, NJ |
-16.87 |
|
102 |
Provo-Orem, UT |
-16.82 |
|
103 |
Bridgeport-Stamford-Norwalk, CT |
-16.79 |
|
104 |
Fayetteville-Springdale-Rogers, AR-MO |
-16.70 |
|
105 |
Muskegon-North Shores, MI |
-16.66 |
|
106 |
Rockingham County-Strafford County, NH (MSAD) |
-16.58 |
|
107 |
Saginaw-Saginaw Township North, MI |
-16.10 |
|
108 |
Savannah, GA |
-15.99 |
|
109 |
Newark-Union, NJ-PA (MSAD) |
-15.91 |
|
110 |
New Haven-Milford, CT |
-15.69 |
|
111 |
Allentown-Bethlehem-Easton, PA-NJ |
-15.37 |
|
112 |
Barnstable Town, MA |
-15.27 |
|
113 |
Wilmington, DE-MD-NJ (MSAD) |
-15.18 |
|
114 |
Norwich-New London, CT |
-15.09 |
|
115 |
Charleston-North Charleston-Summerville, SC |
-15.04 |
|
116 |
New York-White Plains-Wayne, NY-NJ (MSAD) |
-14.98 |
|
117 |
Racine, WI |
-14.68 |
|
118 |
Virginia Beach-Norfolk-Newport News, VA-NC |
-14.57 |
|
119 |
Grand Junction, CO |
-14.50 |
|
120 |
Battle Creek, MI |
-14.30 |
|
121 |
Toledo, OH |
-14.19 |
|
122 |
Kingston, NY |
-14.13 |
|
123 |
Richmond, VA |
-14.08 |
|
124 |
Santa Fe, NM |
-13.92 |
|
125 |
Athens-Clarke County, GA |
-13.77 |
|
126 |
Peabody, MA (MSAD) |
-13.74 |
|
127 |
Gulfport-Biloxi, MS |
-13.67 |
|
128 |
Holland-Grand Haven, MI |
-13.58 |
|
129 |
St. Cloud, MN |
-13.07 |
|
130 |
Greeley, CO |
-12.95 |
|
131 |
Boston-Quincy, MA (MSAD) |
-12.94 |
|
132 |
Cleveland-Elyria-Mentor, OH |
-12.88 |
|
133 |
Salt Lake City, UT |
-12.80 |
|
134 |
Kokomo, IN |
-12.55 |
|
135 |
Rockford, IL |
-12.40 |
|
136 |
Janesville, WI |
-12.11 |
|
137 |
Akron, OH |
-12.04 |
|
138 |
Albuquerque, NM |
-11.37 |
|
139 |
Macon, GA |
-11.31 |
|
140 |
Bellingham, WA |
-11.27 |
|
141 |
Las Cruces, NM |
-11.24 |
|
142 |
Spokane, WA |
-11.09 |
|
143 |
Kalamazoo-Portage, MI |
-10.86 |
|
144 |
Milwaukee-Waukesha-West Allis, WI |
-10.81 |
|
145 |
York-Hanover, PA |
-10.63 |
|
146 |
Memphis, TN-MS-AR |
-9.98 |
|
147 |
Canton-Massillon, OH |
-9.59 |
|
148 |
Niles-Benton Harbor, MI |
-9.51 |
|
149 |
Reading, PA |
-9.38 |
|
150 |
Springfield, MA |
-9.33 |
|
151 |
Sheboygan, WI |
-9.14 |
|
152 |
Columbus, GA-AL |
-9.06 |
|
153 |
Charlottesville, VA |
-8.99 |
|
154 |
Portland-South Portland-Biddeford, ME |
-8.93 |
|
155 |
Hartford-West Hartford-East Hartford, CT |
-8.91 |
|
156 |
Colorado Springs, CO |
-8.78 |
|
157 |
Dayton, OH |
-8.73 |
|
158 |
Cambridge-Newton-Framingham, MA (MSAD) |
-8.62 |
|
159 |
Harrisonburg, VA |
-8.30 |
|
160 |
Kansas City, MO-KS |
-8.21 |
|
161 |
Philadelphia, PA (MSAD) |
-8.01 |
|
162 |
Springfield, OH |
-7.90 |
|
163 |
Mobile, AL |
-7.87 |
|
164 |
Mankato-North Mankato, MN |
-7.75 |
|
165 |
St. Louis, MO-IL |
-7.71 |
|
166 |
Auburn-Opelika, AL |
-7.67 |
|
167 |
Elkhart-Goshen, IN |
-7.65 |
|
168 |
Green Bay, WI |
-7.61 |
|
169 |
Wenatchee-East Wenatchee, WA |
-7.44 |
|
170 |
New Orleans-Metairie-Kenner, LA |
-7.18 |
|
171 |
Michigan City-La Porte, IN |
-7.14 |
|
172 |
Kankakee-Bradley, IL |
-7.06 |
|
173 |
Youngstown-Warren-Boardman, OH-PA |
-6.85 |
|
174 |
Cincinnati-Middletown, OH-KY-IN |
-6.81 |
|
175 |
Ogden-Clearfield, UT |
-6.50 |
|
176 |
Pueblo, CO |
-6.48 |
|
177 |
Columbus, OH |
-6.22 |
|
178 |
Idaho Falls, ID |
-6.16 |
|
179 |
Rochester, MN |
-6.08 |
|
180 |
Corvallis, OR |
-5.98 |
|
181 |
Springfield, MO |
-5.93 |
|
182 |
Charlotte-Gastonia-Rock Hill, NC-SC |
-5.87 |
|
183 |
Denver-Aurora-Broomfield, CO |
-5.56 |
|
184 |
Birmingham-Hoover, AL |
-5.43 |
|
185 |
Gary, IN (MSAD) |
-5.27 |
|
186 |
Montgomery, AL |
-5.27 |
|
187 |
Honolulu, HI |
-5.00 |
|
188 |
Missoula, MT |
-4.97 |
|
189 |
Blacksburg-Christiansburg-Radford, VA |
-4.82 |
|
190 |
Asheville, NC |
-4.77 |
|
191 |
Lima, OH |
-4.56 |
|
192 |
South Bend-Mishawaka, IN-MI |
-4.30 |
|
193 |
Madison, WI |
-4.18 |
|
194 |
Anderson, IN |
-4.09 |
|
195 |
Greensboro-High Point, NC |
-3.89 |
|
196 |
Appleton, WI |
-3.87 |
|
197 |
Pocatello, ID |
-3.80 |
|
198 |
Augusta-Richmond County, GA-SC |
-3.74 |
|
199 |
Spartanburg, SC |
-3.56 |
|
200 |
Terre Haute, IN |
-3.51 |
|
201 |
Anderson, SC |
-3.46 |
|
202 |
Columbia, SC |
-3.40 |
|
203 |
Oshkosh-Neenah, WI |
-3.29 |
|
204 |
Lawrence, KS |
-3.22 |
|
205 |
Duluth, MN-WI |
-3.18 |
|
206 |
Burlington, NC |
-3.16 |
|
207 |
Fort Wayne, IN |
-3.00 |
|
208 |
Roanoke, VA |
-2.96 |
|
209 |
Nashville-Davidson–Murfreesboro–Franklin, TN |
-2.79 |
|
210 |
Indianapolis-Carmel, IN |
-2.40 |
|
211 |
Des Moines-West Des Moines, IA |
-2.34 |
|
212 |
Lancaster, PA |
-2.26 |
|
213 |
Hickory-Lenoir-Morganton, NC |
-2.06 |
|
214 |
Chattanooga, TN-GA |
-1.84 |
|
215 |
Fort Collins-Loveland, CO |
-1.82 |
|
216 |
Winston-Salem, NC |
-1.69 |
|
217 |
Omaha-Council Bluffs, NE-IA |
-1.56 |
|
218 |
Knoxville, TN |
-1.12 |
|
219 |
Wausau, WI |
-1.04 |
|
220 |
Bloomington-Normal, IL |
-0.99 |
|
221 |
Champaign-Urbana, IL |
-0.95 |
|
222 |
Eau Claire, WI |
-0.71 |
|
223 |
Raleigh-Cary, NC |
-0.71 |
|
224 |
Louisville-Jefferson County, KY-IN |
-0.65 |
|
225 |
Greenville, NC |
-0.61 |
|
226 |
Florence, SC |
-0.43 |
|
227 |
Lafayette, IN |
-0.42 |
|
228 |
Fond du Lac, WI |
-0.38 |
|
229 |
Durham-Chapel Hill, NC |
-0.37 |
|
230 |
Lincoln, NE |
-0.36 |
|
231 |
Lynchburg, VA |
-0.26 |
|
232 |
Columbia, MO |
-0.17 |
|
233 |
El Paso, TX |
-0.07 |
|
234 |
Jackson, MS |
-0.07 |
|
235 |
Albany-Schenectady-Troy, NY |
-0.01 |
|
236 |
Lexington-Fayette, KY |
+0.28 |
|
237 |
Harrisburg-Carlisle, PA |
+0.42 |
|
238 |
Tuscaloosa, AL |
+0.51 |
|
239 |
Fort Worth-Arlington, TX (MSAD) |
+0.65 |
|
240 |
Yakima, WA |
+0.79 |
|
241 |
Burlington-South Burlington, VT |
+0.89 |
|
242 |
Logan, UT-ID |
+0.90 |
|
243 |
Corpus Christi, TX |
+1.23 |
|
244 |
Evansville, IN-KY |
+1.25 |
|
245 |
Topeka, KS |
+1.29 |
|
246 |
Boulder, CO |
+1.56 |
|
247 |
Dallas-Plano-Irving, TX (MSAD) |
+1.58 |
|
248 |
Scranton-Wilkes-Barre, PA |
+1.58 |
|
249 |
Cedar Rapids, IA |
+1.72 |
|
250 |
Anchorage, AK |
+1.75 |
|
251 |
La Crosse, WI-MN |
+2.06 |
|
252 |
Decatur, IL |
+2.14 |
|
253 |
Little Rock-North Little Rock-Conway, AR |
+2.17 |
|
254 |
Greenville-Mouldin-Easley, SC |
+2.18 |
|
255 |
Peoria, IL |
+2.40 |
|
256 |
Fort Smith, AR-OK |
+2.43 |
|
257 |
Ames, IA |
+2.66 |
|
258 |
Cheyenne, WY |
+2.89 |
|
259 |
Bowling Green, KY |
+2.91 |
|
260 |
Joplin, MO |
+3.02 |
|
261 |
Iowa City, IA |
+3.04 |
|
262 |
Syracuse, NY |
+3.09 |
|
263 |
Davenport-Moline-Rock Island, IA-IL |
+3.25 |
|
264 |
Casper, WY |
+3.44 |
|
265 |
Kingsport-Bristol-Bristol, TN-VA |
+3.49 |
|
266 |
Jefferson City, MO |
+3.85 |
|
267 |
Beaumont-Port Arthur, TX |
+4.01 |
|
268 |
Charleston, WV |
+4.04 |
|
269 |
Decatur, AL |
+4.06 |
|
270 |
Rochester, NY |
+4.13 |
|
271 |
Rapid City, SD |
+4.14 |
|
272 |
Johnson City, TN |
+4.29 |
|
273 |
Owensboro, KY |
+4.30 |
|
274 |
Sioux Falls, SD |
+4.47 |
|
275 |
San Antonio-New Braunfels, TX |
+4.49 |
|
276 |
Oklahoma City, OK |
+4.51 |
|
277 |
Baton Rouge, LA |
+4.55 |
|
278 |
Springfield, IL |
+4.58 |
|
279 |
Waterloo-Cedar Falls, IA |
+4.59 |
|
280 |
Columbus, IN |
+4.94 |
|
281 |
Huntsville, AL |
+4.97 |
|
282 |
Tulsa, OK |
+5.19 |
|
283 |
Fargo, ND-MN |
+5.27 |
|
284 |
Kennewick-Pasco-Richland, WA |
+5.46 |
|
285 |
Bloomington, IN |
+5.61 |
|
286 |
Wichita, KS |
+5.79 |
|
287 |
Billings, MT |
+5.84 |
|
288 |
Florence-Muscle Shoals, AL |
+5.87 |
|
289 |
Lake Charles, LA |
+6.11 |
|
290 |
Erie, PA |
+6.14 |
|
291 |
Fayetteville, NC |
+6.18 |
|
292 |
Lafayette, LA |
+6.18 |
|
293 |
Amarillo, TX |
+6.39 |
|
294 |
Lubbock, TX |
+6.58 |
|
295 |
Pittsburgh, PA |
+6.68 |
|
296 |
Buffalo-Niagara Falls, NY |
+6.80 |
|
297 |
Houston-Sugar Land-Baytown, TX |
+7.03 |
|
298 |
Dubuque, IA |
+7.84 |
|
299 |
Shreveport-Bossier City, LA |
+7.92 |
|
300 |
Monroe, LA |
+7.98 |
|
301 |
Sioux City, IA-NE-SD |
+8.05 |
|
302 |
State College, PA |
+8.05 |
|
303 |
Austin-Round Rock-San Marcos, TX |
+9.27 |
|
304 |
Huntington-Ashland, WV-KY-OH |
+10.54 |
|
305 |
Houma-Bayou Cane-Thibodaux, LA |
+12.05 |
|
306 |
Bismarck, ND |
+16.00 |
4 Comments
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