Commentary  25954
2nd Quarter, 2017 Housing Statistics: Virginia


Part 1: HOUSING MARKET FORECAST

12 Month Forecast:        UP
Forecast Accuracy:      85%

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
Virginia housing market for the 12 months ending with the 2nd Quarter of 2018
is UP. The Accuracy of the Trend Projection for Virginia is 85%. In other words,
when tested against historical data, the forecasting methodology was correct
85% of the time. Accordingly, LittleBigHomes.com estimates that the probability
for rising house prices in Virginia is 85% 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 Virginia Real Estate Market Forecast.


3 Year Forecast:            UP
Forecast Accuracy:      85%

The forecast for the trend in the Virginia housing market for the 3 years ending
with the 2nd Quarter of 2020 is UP. The Accuracy of the Trend Prediction for
Virginia is 85%. In other words, when tested against historical data, the
forecasting methodology was correct 85% of the time. Accordingly,
LittleBigHomes.com estimates that the probability for rising house prices in
Virginia is 85% 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 Virginia Real
Estate Market Forecast.




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


Historical Home Price Appreciation
Last Quarter                                     2.76%
Last Year . . . . . . . . . . . . . . . . . . . .  3.9%
Last 5 Years                                     16%
Last 10 Years . . . . . . . . . . . . . . . . . -4%
Last 20 Years                                   120%
Decline From All Time High               4.11%


Annual Home Price Appreciation Rates
1987      12.49%
1988      11.02%
1989      6.27%
1990      -1.31%
1991      2.08%
1992      1.32%
1993      1.11%
1994      -0.15%
1995      2.66%
1996      1.33%
1997      2.97%
1998      3.02%
1999      5.29%
2000      7.42%
2001      8.66%
2002      8.98%
2003      9.93%
2004      17.16%
2005      18.35%
2006      6.32%
2007      -0.89%
2008      -6.69%
2009      -5.09%
2010      -1.51%
2011      -1.97%
2012      -0.05%
2013      1.24%
2014      3.77%
2015      2.54%
2016      3.31%


Real Estate Appreciation, Rank & Percentile
Last Quarter                              2.76%         Rank: 23 of 51 (56th Percentile)
Last Year  . . . . . . . . . . . . . . . .  3.9%           Rank: 35 of 51 (32nd Percentile)
Last 5 Years                              16%            Rank: 36 of 51 (30th Percentile)
Last 10 Years  . . . . . . . . . . . .   -4%            Rank: 41 of 51 (20th Percentile)
Last 20 Years                            120%          Rank: 15 of 51 (72nd Percentile)
Decline From All Time High        4.11%

The change in home prices for Virginia are shown above for five time periods.
For example: Virginia appreciated 2.76% in the Last Quarter. At that rate, the
Virginia Real Estate Market was ranked 23rd out of the 51 real estate markets
of all 50 U.S. states and the District of Columbia. Virginia was in the 56th
percentile. So Virginia performed better in the Last Quarter than 56% of these
51 real estate markets.

























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

The data and analysis on this page pertains to Virginia, hereinafter referred to
as "Virginia". The all time high in the Virginia Home Price Index was 468.8 in the
2nd Quarter, of 2007. The 2nd Quarter, 2017 index value was 449.5. That's a
decline of 19.26 points or 4.11% below the Virginia Home Price Index all time
high.  The Home Price Index indicates that the Virginia Market is down 4% over
the last 10 years. Home prices in the Virginia Real Estate Market have gained
3.91% over the last 12 months. Over the last thirty years, it is up 201%.

The 2nd Quarter index value was 12.09 points higher than the 1st Quarter,
2017 index value of 437.45, resulting in a 2.76% rise in the 2nd Quarter for the
Virginia Market.

The Virginia Home Price Index increased in the last quarter after falling in the
previous quarter. 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 Virginia Real Estate
Market was 21% in the twelve months ended with the 2nd Quarter of 2005. The
worst annual change in home values  in the Virginia Market was -7% in the
twelve months ended with the 1st Quarter of 2010.

The highest growth in home values in the Virginia Real Estate Market over a
three year period was 54% in the three years ended with the 2nd Quarter of
2006. The worst performance over a three year period in the Virginia Market
was -14% in the three years ended with the 2nd Quarter of 2010.

This page provides a long term graph and commentary of the Virginia Home
Price Index.  Bookmark this page! Then LittleBigHomes.com's detailed research
and statistics about Virginia 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 Virginia 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 Virginia 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: Virginia

The trend of Virginia 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 Virginia, hereinafter referred to as
"Virginia".

Last Quarter:
During the 2nd Quarter of 2017, Virginia Home Prices had a rank of 23, with
appreciation of 2.76%. 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, Virginia Home Prices had a rank of 35, with
appreciation during the year of 3.91%. 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, Virginia Home Prices
ranked 36, with a total appreciation of 15.8%. 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, Virginia Home Prices
had a rank of 41, 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, Virginia Home Prices
had a rank of 15, with total growth over the 20 year period of 120%. 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 Virginia 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 Virginia. 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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The House Price Index (HPI) shows changes in Virginia 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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2035
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