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June 2024 » thefivestar.com 73 June 2024 J O U R N A L regional median): up 2%, down from 6.7% in March 2023 » Lower-middle priced (75% to 100% of the regional median): up 3.4%, down from 5% in March 2023 » Higher-middle priced (100% to 125% of the regional median): up 3.2%, down from 3.8% in March 2023 » Higher-priced (125% or more than the regional median): up 2.9%, a slight increase from the 2.6% recorded in March 2023 » Attached versus detached: Attached single-family rental prices declined by -0.6% year over year in March, compared with the 3.4% increase for detached rentals. Seattle posted the highest year-over- year increase in single-family rents in March 2024, at 6.3%. New York registered the second-highest annual gain at 5.3%, followed by Boston at 5.2%. Austin, Texas (-3.5%), Miami (-3.2%), and New Orleans (-1.4%) posted annual rental price losses. The next CoreLogic Single-Family Rent Index will be released on June 18, 2024, featuring data for April 2024. PRICE TRENDS IN OPPORTUNITY ZONES KEEPING PACE WITH U.S. MARKETS A TTOM has issued its first-quar- ter 2024 report, which examines qualifying low-income Opportu- nity Zones designated by Congress for eco- nomic reconstruction in the Tax Cuts and Jobs Act of 2017. In this analysis, ATTOM examined 3,512 zones across the nation that had enough data to evaluate, indicating at least five home sales in Q1 of 2024. The report found that median single-family house and condo prices climbed from Q4 of 2023 to Q1 of 2024 in only 49% of Opportunity Zones across the United States. However, they were still increasing annually in nearly two- thirds of Opportunity Zones with suffi- cient data to measure. Those patterns, in and around low-income communities where the federal government provides tax credits to stimulate economic recov- ery, have continued a long-term pattern of property values within Opportunity Zones moving with broader national shifts for at least the last three years. Key Findings: » Median prices of single-family homes and condominiums increased from the fourth quarter of 2023 to Q1 of 2024 in 1,503 (49%) of the Opportunity Zones around the United States with suffi- cient data to analyze, while staying the same or decreasing in 51%. Measured annually, medians remained up from Q1 of 2023 to same period this year in 1,892 (62%) of those zones. (Among the 3,512 Opportunity Zones included in the report, 3,041 had enough data to generate usable median-price comparisons from Q1 of 2023 to Q1 of 2024; 3,043 had enough data to make comparisons between Q1 of 2023 and Q1 of 2024). » Opportunity Zones did even better than the nation as a whole when comparing price changes in those areas to shifts in the national median home price. For example, median values in almost 60% of Opportunity Zones went up from Q1 of 2023 to the same period this year by more than 3.1% annual gain nationwide. (A similar pattern emerged quarterly when comparing shifts in Opportu- nity Zones to changes in the national median value.) » However, in a potential sign of trouble in areas with the very lowest home values, median prices were up annually in only about 45% of Opportunity Zones where homes commonly sold for less than $100,000 during Q1 of 2024. Prices climbed, year over year, in about 60% to 70% of zones with higher home values. » Among states that had at least 25 Opportunity Zones with enough data to The report found that median single- family house and condo prices climbed from Q4 of 2023 to Q1 of 2024 in only 49% of Opportunity Zones across the U.S.