IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property
database and first property data provider of Data-as-a-Service (DaaS),
released its first-quarter 2020 special report analyzing qualified Opportunity
Zones established by Congress in the Tax Cuts and Jobs act of 2017.
ATTOM looked at about 3,000 zones with sufficient sales data to analyze, meaning they had at least five home sales in each quarter from 2005 through the first quarter of 2020.
The report found that 45 percent of the zones saw
median home prices rise by more than the national increase of 11.3 percent from
the first quarter of 2019 to the first quarter of 2020, where sufficient data
was available.
That
was down slightly from the 47 percent of zones that bested the 9.4 percent
annual change from the fourth quarter of 2018 to the same period in 2019.
The report also shows that 78 percent of the zones had
median home prices in the first quarter of 2020 that were less than the
national median of $265,900.
Data in the report forms the last snapshot of Opportunity
Zone home prices before the major economic impact of the worldwide Coronavirus
pandemic.
 |
| Todd Teta |
“Home prices in designated Opportunity Zones around the
country keep showing strong gains, tracking the housing market boom now in its
ninth year," said Todd
Teta, chief product officer with ATTOM Data Solutions.
"Nearly
half did even better in the first quarter of 2020 than the nation as a whole –
a notable trend in some of the country’s most distressed neighborhoods.
"As
with other recent ATTOM reports, this one needs to be taken in the context of
the looming impact of the Coronavirus pandemic, which could cut the legs out
from under the housing market.
"For now, though, home prices are going
strong in Opportunity Zones, which offers significant hope to current and
potential homeowners and investors.”
CONTACTS:
Christine Stricker
949.748.8428
Data and Report Licensing:
949.502.8313
No comments:
Post a Comment