The report, which covers the residences of 82% of the U.S. population in 358 MSAs, also forecasts an average rise in property values of 4.5% for the 100 most populous of them, a tenth of a percent increase over last quarter's number.
In the top markets the housing supply is very low, which puts project price changes at the high end of the report.
The Bremerton market remains one of the strongest markets in the country, with its extremely low 1.4-month supply of homes struggling to fill the demands of its growing population.
Its predicted 11.7% appreciation is six-tenths of a percent higher than the top-ranked market in our VeroFORECAST reports in first and second quarter 2018.
Here are the 10 markets at the top of the VeroFORECAST for the year beginning September 1, 2018: Bremerton-Silverdale, Washington, 11.7% Boise City-Nampa, Idaho, 11.2% Las Vegas-Paradise, Nevada, 10.8% Bellingham, Washington, 10.6% Olympia, Washington, 10.3% Carson City, Nevada, 10.1% Reno-Sparks, Nevada, 10% San Francisco-Oakland-Fremont, California, 9.6% Denver-Aurora-Broomfield, Colorado, 9.5% Seattle-Tacoma-Bellevue, Washington, 9.3%
We predict that both single-family residences and condos/townhomes in the Bellingham, Washington MSA will appreciate on average by 10.6% over the next 12 months.
The other three or four spots have been divided each quarter among the same five states: California, with an MSA in each quarter's Top 10, and Colorado, Idaho and Oregon with an MSA in two of the three reports.
With Boise City-Nampa, Idaho jumping into the Top 10’s second spot with a projected appreciation rate of 11.2%, we see an indication of Idaho's changing economy.
In California, the San Francisco-Oakland-Fremont MSA has a 9.6% appreciation rate forecast, while Colorado's large Denver-Aurora-Broomfield MSA is predicted to see average real estate prices go up by 9.5%.
Eric Fox is VP of Statistical and Economic Modeling at Veros Real Estate Solutions.