Climate change may already be hitting the housing market

Climate change may already be hitting the housing market

Between 2007 and 2017, in the USA, average home prices in areas facing the lowest risk of flooding, hurricanes and wildfires have far outpaced those with the greatest risk, according to figures compiled for Bloomberg News by Attom Data Solutions, a curator of national property data. Homes in areas most exposed to flood and hurricane risk were worth less last year, on average, than a decade earlier.

Attom Data looked at the annual change in home prices and sales across 3,397 cities around the country, then divided those cities into five groups based on their exposure to various types of natural disasters. What they found suggests the threats of climate change are beginning to register.

On average, home prices across the cities analyzed by Attom Data increased 7.3 percent between 2007 and 2017. That figure masks deep drops in vulnerable areas.

“Natural disaster risk is certainly not the only factor consumers are considering when buying a home,” said Daren Blomquist, Attom Data’s senior vice president for communications. But he said the figures provide “some evidence real estate consumers are responding to natural disaster risk, albeit somewhat erratically.”

Source: Bloomberg

Date: September 2018

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