Report shows chances of home prices dropping in Beaumont-PA

Report shows chances of home prices dropping in Beaumont-PA

Roger Pettingell Sarasota Real Estate

Home prices increased 20.2% in the U.S. between May 2021 and May 2022, according to data from property analytics site CoreLogic. It was the 16th consecutive month of double-digit year-over-year home price growth. There were 13 states with price increases of more than 20% since last May, including Texas, with Florida experiencing the highest housing cost gain of 33.2%.

CoreLogic is predicting home prices will rise another 5% nationally between May 2022 and May 2023, according to a July report. However, on a regional level, there may be some areas of the country that experience a housing price decline in the next year. There are 98 regional markets out of 392 nationwide with a 50% chance of a home price decline in the next year, according to data from CoreLogic analyzed by Fortune

The Beaumont-Port Arthur area is not one of the regions, according to Fortune. There is a “low” chance, meaning a 20-40% chance, that home prices will fall in the region by May 2023. Each region in Texas has a low or very low (0-20%) chance of seeing prices decline in the next year, according to the data. 

From June 2021 to June 2022, the average home price in the Beaumont-Port Arthur area increased 5.86% to $235,082, according to data from the Texas Real Estate Research Center. Home prices increased about half as much as the previous year, though. Between June 2020 and June 2021, the average housing cost rose 11.09%, the data shows. 

Regional markets in the Southeast, Midwest and Atlantic Coast generally have a very low to medium (40-50%) chance of seeing home prices fall in the next year. Areas in the Northeast, Northwest and parts of California and Arizona have a high (50-70%) to very high (70% or more) chance of having housing price declines by May 2023, according to data provided to Fortune.

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