America's Top Housing Markets
USA Today is out with an analysis from 24/7 Wall Street that identifies places where home price growth is greatest and places where home prices are not hot. San Jose, of course, tops the first list with Las Vegas and Boise 2nd and 3rd. Decatur, Ill. tops the second. Interestingly, the biggest market in the country is on the latter list.
Like anything else, home prices are driven by supply and demand forces, which are highly correlated with the area's economy, job market, and population changes. Demand tends to be higher in stronger economies, with a healthy job market, and a growing population. While the price of a typical single-family home rose by more the $100,000 in some of the more high-demand metropolitan areas from the second quarter of 2017 to the second quarter of 2018, in a handful of cities, the median home value declined over the past year.