The Homes.com Local Market Index and Rebound Reports to include data ending July 2013 are in, bringing with them some very good news! As what seems to be a continuing trend, more and more markets continue to overcome the price declines resulting from the Great Recession. In fact, 22 out of the Top 100 U.S. housing markets now show more than a 100% recovery from their position prior to the housing bubble burst. Furthermore, there are now 44 markets that have posted a recovery of more than 50%, increasing from a total of 41 markets in last month’s report. We are also excited to announce the latest data also indicates that each of the Top 100 U.S. markets posted increases both monthly and annually!
Although it’s good to hear that twenty-two percent of the markets have completely recovered, a number of these markets never witnessed the drastic increase in foreclosures and short sales that generally defines the housing economy from 2007-2013. Additionally, seven of the top 20 rebounded markets are benefiting from energy development from the use of oil, gas, shale, or coal. These markets were also among those that didn’t suffer from the full effects of the recession, as they had minor deviations from their normal state compared to other markets in the same region.
Highlights from the Homes.com Local Market Index and Rebound Reports:
Top Performing Markets– the most recent data indicates that strength was mainly concentrated in the Western Region, where six of the top 10 markets with the largest monthly increases were located. Once again confirming that everything is bigger in Texas, six of the top 10 rebounding markets can be found in the Lonestar State.
- Honolulu, HI has done it again, possessing the highest annual change of +29.17 index points
- California possessed eight of the Top 10 markets with the highest annual change of index points
- San Diego–Carlsbad–San Marcos, CA took the lead for highest monthly change with an increase of 4.96 index point change
- San Antonio-New Braunfels, TX reported the highest rebound of all markets that have recovered more than 100% with a peak index value of 148.57
Worst Performing Markets- While no markets witnessed any decreases in activity, there are a few that you may want to keep your eye on moving forward. The highly populated cities of California are currently on the top of the list for highest activity, but it may prove to be short lived. More and more Californians are becoming unable to afford median prices homes because of rapidly rising prices in the coastal communities of San Francisco, Los Angeles, and San Diego. In result, homeowners are being pushed inland to more affordable communities like Riverside and San Bernardino ¹. We expect to see gradual decreases in activity throughout these pricey coastal communities, but there’s a good chance that increases will occur in the inland communities that residents are moving to.
About the Homes.com Local Market Index
The Homes.com Local Market Index report tracks repeat sales of properties for both single family and multi-unit/condominium sales in separated indices for the top 100 Local Markets and midsized markets ranked from 101-300 as determined by the U.S Census Bureau Core Based Statistical Areas (CBSAs)
About the Homes.com Rebound Report
Homes.com Rebound Report reveals new market performance data on the price impacts of the Great Recession and U.S. Housing Bubble.
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