Veros Real Estate Solutions is a top choice for real estate data and technology.
SANTA ANA, Calif., January 10, 2022 —Today Veros Estate Solutions (VEROS®), an industry leader in enterprise risk management and collateral valuation services, released its Q4 2021 VeroFORECASTSM data that anticipates home prices will appreciate on average 6.8% for the next twelve months, which is a slightly less anticipated growth compared to its Q3 2021 predicted national average appreciation of 7%. The VeroFORECAST evaluates home values in America’s largest markets. Veros is committed to the data science of predicting home value based on rigorous analysis of the fundamentals and interrelationships of numerous economic, social, and geographic variables as they pertain to home value.
Market fundamentals remain in place to sustain higher prices in most parts of the country. Historically low mortgage interest rates, insufficient new housing starts, record low supply of homes for sale, the prevalence of all-cash buyers, and rapidly declining unemployment rates will continue to keep upward pressure on house values. Though recent Fed actions have started to paint a picture of rising mortgage rates throughout 2022, these increases are expected to be very modest and leave the historical low-rate environment generally intact.
According to Veros’ Chief Economist, Eric Fox, “Though many have been forecasting “gloom and doom” since early 2020, Veros has been consistently saying that prices would be accelerating rapidly, which they have. Nothing has changed in that assessment other than we are seeing rapid levels of price increases stabilizing and slowing down slightly in 2022.”
Top markets are still expected to appreciate at almost a 15% annual rate and even the weakest-performing markets will see low single-digit appreciation. The western states continue their dominance on the Top 10 Strongest-Performing Markets List. Salt Lake City moves up to the #1 position on the list with anticipated appreciation of 14.5% over the next 12 months. There are now four Utah cities making the Top 10. Arizona has two cities on the list, with Phoenix moving up to the #2 position with expected house price increases of 14.3%. Washington state, California, Idaho, and Colorado each have one metro area in the Top 10. Long-time Top 10 entrant Boise, Idaho, has just dropped out of the Top 10.
For six quarters in a row now, the two least-performing markets are forecast to be in Texas oil country – Odessa and Midland – although other markets in Texas are expected to do very well. Like last quarter, the same 10 metro markets made the 10 Least-Performing Markets list again, with four Louisiana cities covering four spots. These 10 Least-Performers are still forecast to appreciate slightly.
The quarterly VeroFORECAST reports to clients by subscription and to industry media in a summary overview. The current report is based on data from 338 Metropolitan Statistical Areas (MSAs), including 16,840 ZIP codes, 1030 counties, and 82% of US residents. The report is a projected increase 12-months forward.
Source: Veros Real Estate Solutions
This information is intended for use by the media for economic reporting and should only be used for physical or digital publication or broadcast, in whole or in part, must be sourced as coming from Veros Real Estate Solutions. The company name should appear with the first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the company name must be visible on the screen or website. For questions, analysis, interpretation of the data, or permission to reproduce, contact Brian Fluhr at BFluhr@veros.com.
About Eric Fox, VP of Statistical and Economic Modeling
Eric Fox received his M.S. in Statistics and B.S. in Mathematics and Economics from Purdue University, and has 30 years of industrial experience in statistical and econometric modeling, probabilistic life methodology development, statistical training, probabilistic design software development, and probabilistic financial/competitive analysis. Fox has published numerous technical papers on probabilistic and statistical methods.
About Veros Real Estate Solutions
A mortgage technology innovator since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ services include automated valuation, fraud and risk detection; portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is the primary architect and technology provider of the GSEs’ Uniform Collateral Data Portal® (UCDP®). Veros also works closely with the FHA to support its Electronic Appraisal Delivery (EAD) portal. The company is also making the home buying process more efficient for our nation’s Veterans through its appraisal management work with the Department of Veterans Affairs. For more information, visit www.veros.com or call 866-458-3767.
Brian FluhrVice President of Marketingbfluhr@veros.com or firstname.lastname@example.org