Commentary  25931
2nd Quarter, 2017 Housing Statistics: Michigan


Part 1: HOUSING MARKET FORECAST

12 Month Forecast:        UP
Forecast Accuracy:      89%

LittleBigHomes.com publishes forecasts for the trend in home prices in all 50
states, the District of Columbia and 380 Metropolitan Statistical Areas. The
House Price Trend will be either UP or DOWN. The forecast for the trend in the
Michigan housing market for the 12 months ending with the 2nd Quarter of
2018 is UP. The Accuracy of the Trend Projection for Michigan is 89%. In other
words, when tested against historical data, the forecasting methodology was
correct 89% of the time. Accordingly, LittleBigHomes.com estimates that the
probability for rising house prices in Michigan is 89% during this period. If this
Housing Market Forecast is correct, home prices will be higher in the 2nd
Quarter of 2018 than they were in the 2nd Quarter of 2017. Check this page
each quarter for updates to the Michigan Real Estate Market Forecast.


3 Year Forecast:            UP
Forecast Accuracy:      77%

The forecast for the trend in the Michigan housing market for the 3 years
ending with the 2nd Quarter of 2020 is UP. The Accuracy of the Trend
Prediction for Michigan is 77%. In other words, when tested against historical
data, the forecasting methodology was correct 77% of the time. Accordingly,
LittleBigHomes.com estimates that the probability for rising house prices in
Michigan is 77% during this period. If this Housing Market Forecast is correct,
home values will be higher in the 2nd Quarter of 2020 than they were in the 2nd
Quarter of 2017. Check this page each quarter for updates to the Michigan
Real Estate Market Forecast.




Part 2: MARKET SUMMARY
2nd Quarter, 2017 Housing Data: Michigan


Historical Home Price Appreciation
Last Quarter                                     2.75%
Last Year . . . . . . . . . . . . . . . . . . . .  7.6%
Last 5 Years                                     38%
Last 10 Years . . . . . . . . . . . . . . . . . 4%
Last 20 Years                                   49%
Decline From All Time High               1.54%


Annual Home Price Appreciation Rates
1987      10.08%
1988      6.64%
1989      6.54%
1990      4.01%
1991      4.60%
1992      3.03%
1993      2.92%
1994      6.17%
1995      7.42%
1996      8.04%
1997      7.22%
1998      5.74%
1999      7.22%
2000      7.05%
2001      5.10%
2002      3.96%
2003      3.91%
2004      3.87%
2005      2.02%
2006      -2.31%
2007      -5.93%
2008      -9.06%
2009      -8.01%
2010      -2.06%
2011      -2.95%
2012      0.92%
2013      6.97%
2014      7.22%
2015      5.34%
2016      6.00%


Real Estate Appreciation, Rank & Percentile
Last Quarter                              2.75%         Rank: 24 of 51 (54th Percentile)
Last Year  . . . . . . . . . . . . . . . .  7.6%           Rank: 11 of 51 (80th Percentile)
Last 5 Years                              38%            Rank: 12 of 51 (78th Percentile)
Last 10 Years  . . . . . . . . . . . .   4%              Rank: 30 of 51 (42nd Percentile)
Last 20 Years                            49%            Rank: 50 of 51 (2nd Percentile)
Decline From All Time High        1.54%

The change in home prices for Michigan are shown above for five time periods.
For example: Michigan appreciated 2.75% in the Last Quarter. At that rate, the
Michigan Real Estate Market was ranked 24th out of the 51 real estate markets
of all 50 U.S. states and the District of Columbia. Michigan was in the 54th
percentile. So Michigan performed better in the Last Quarter than 54% of these
51 real estate markets.

























Part 3: MARKET HIGHLIGHTS
2nd Quarter, 2017 Housing Statistics: Michigan

The data and analysis on this page pertains to Michigan, hereinafter referred to
as "Michigan". The all time high in the Michigan Home Price Index was 319.7 in
the 3rd Quarter, of 2005. The 2nd Quarter, 2017 index value was 314.8. That's
a decline of 4.91 points or 1.54% below the Michigan Home Price Index all time
high.  The Home Price Index indicates that the Michigan Market is up 4% over
the last 10 years. Home prices in the Michigan Real Estate Market have gained
7.55% over the last 12 months. Over the last thirty years, it is up 159%.

The 2nd Quarter index value was 8.43 points higher than the 1st Quarter, 2017
index value of 306.36, resulting in a 2.75% rise in the 2nd Quarter for the
Michigan Market.

The Michigan Home Price Index has increased for the last 20 consecutive
quarters. The current record holder for consecutive increases in the Home
Price Index is Washington DC, with increases in the last 25 consecutive
quarters. The current record holder for consecutive declines in the Home Price
Index is Alaska, with declines in the last 1 consecutive quarters.

The highest annual change in the value of houses in the Michigan Real Estate
Market was 22% in the twelve months ended with the 1st Quarter of 1979. The
worst annual change in home values  in the Michigan Market was -16% in the
twelve months ended with the 4th Quarter of 1982.

The highest growth in home values in the Michigan Real Estate Market over a
three year period was 30% in the three years ended with the 2nd Quarter of
1988. The worst performance over a three year period in the Michigan Market
was -22% in the three years ended with the 1st Quarter of 2010.

This page provides a long term graph and commentary of the Michigan Home
Price Index.  Bookmark this page! Then LittleBigHomes.com's detailed research
and statistics about Michigan Home Prices will be at your fingertips when you
need them.

All calculations are based on the quarterly value of the House Price Index for
the Michigan Market. The terms House Price Index and Home Price Index, as
used in this site, refer to the Federal Housing Finance Agency (FHFA) House
Price Index.

Significant time is required to research quarterly sales price and appraisal data
from mortgage transactions in the Michigan Real Estate Market. As a result,
Home Price data is not available for a number of months after the end of each
quarter.



Part 4: APPRECIATION RATES & RANKINGS
2nd Quarter, 2017 Housing Data: Michigan

The trend of Michigan Home Prices relative to 50 states and the District of
Columbia is detailed below. Five different time periods are reviewed.  Each
paragraph identifies the top and bottom performing markets as well as the
average and median performance for all cities during each time period. The
data and analysis on this page pertains to Michigan, hereinafter referred to as
"Michigan".

Last Quarter:
During the 2nd Quarter of 2017, Michigan Home Prices had a rank of 24, with
appreciation of 2.75%. The top performing real estate market during the 2nd
Quarter was Idaho, with a rise of 4.76%. The worst market during that period
was Alaska, with appreciation of -0.14%.
The median for all markets during the 2nd Quarter was 2.34%. The average for
the quarter was 2.31%.

Last Year:
During the last 12 months, Michigan Home Prices had a rank of 11, with
appreciation during the year of 7.55%. The top performing market during the
last year was Washington, with an increase of 11.4%. The worst real estate
market during that period was Alaska, with appreciation of 0.7%.
The median for all markets during this period was 5.28%. The average was
5.57%.

Last 5 Years:
Over the 5 years ended with the 2nd Quarter of 2017, Michigan Home Prices
ranked 12, with a total appreciation of 38.3%. The top performing real estate
market during the 5 year period was Nevada, with a growth in value of 81%.
The worst market during that period was Connecticut, with appreciation of 4%.
The median for all markets during this period was 19%. The average over the 5
years was 26%.

Last 10 Years:
During the 10 years ended in the 2nd Quarter of 2017, Michigan Home Prices
had a rank of 30, with appreciation during the decade of 4%. The top
performing market during the period was North Dakota, with a rise of 53%. The
worst real estate market during the 10 year time period was Nevada, with
appreciation of -17%.
The median for all markets over the last 10 years was 6%. The average over
that time frame was 7%.

Last 20 Years:
During the 20 years ended in the 2nd Quarter of 2017, Michigan Home Prices
had a rank of 50, with total growth over the 20 year period of 49%. The top
performing real estate market during the period was Washington DC, with an
increase of 343%. The worst market during the last 20 years was Ohio, with
appreciation of 43%.
The median for all markets during the last 20 years was 98%. The average  
over that period was 103%.

Historical research data on the Home Price Index for the Michigan Real Estate
Market is available back to the 1st Quarter, of 1975. All calculations are based
on the quarterly value of the House Price Index for Michigan. Real estate
appreciation figures represent total net increase or decrease over each time
period. (Unless specifically stated, the figures do not represent annual or
quarterly rates of change.)



Data Source for Commentary & Charts: Federal Housing Finance Agency
Updated Tuesday, November 7, 2017.
SignalTrend  Inc. 2008 - 2017; All rights reserved.


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Michigan- House Price Index (HPI)
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The House Price Index (HPI) shows changes in Michigan single family home prices in logarithmic
scale. The March, 1995 index value equals 100.  Real estate forecasts, analysis, statistics and
appreciation rates are provided below.
1975
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2005
2010
2035
2015
2020
2025
2030
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