[ad_1]
Half of Zones Analyzed See Median Home Prices Rise At Least 5 Percent from First Quarter to Second Quarter of 2022, And At Least 20 Percent Annually in Half of All Zones
IRVINE, Calif., Aug. 112022 /PRNewswire/ — ATTOMa leading curator of real estate data nationwide for land and property data, today released its second-quarter 2022 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 5,198 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the second quarter of 2022.
The report found that median single-family home and condo prices rose from the first quarter of 2022 to the second quarter of 2022 in 63 percent of Opportunity Zones around the country and went up at least 5 percent in roughly half of zones analyzed with sufficient data . Typical values also shot up at least 20 percent annually in about half of Opportunity Zones with enough data to analyze across all quarters.
Moreover, median values increased in about half the Opportunity Zones by more than the 8.8 percent quarterly and 15.3 percent year-over-year gain seen for all markets nationwide in the Spring of 2022.
Those gains extended similar patterns seen over the past year as home prices in distressed neighborhoods around the nation continued to keep up with gains in the broader national housing market.
Typical home values in Opportunity Zones remained lower than those in most other neighborhoods around the nation in the second quarter of 2022. Median second-quarter prices fell below the national median of $346,000 in 77 percent of Opportunity Zones, about the same portion as in earlier periods over the past year. Considerable price volatility also continued in those markets, as median values dropped quarterly in 37 percent of them, probably reflecting the small number of sales in many areas .
“Homes in most Opportunity Zones represent affordable options for real estate investors and consumer homebuyers in a market where both home prices and mortgage rates have been …
Full story available on Benzinga.com
[ad_2]
Source link
