Things are looking up for the markets across the U.S. according to the most recent Homes.com Rebound Report! In the latest report, 49 of the top U.S. markets have shown a rebound of 50% from price declines due to the Great Recession. That number is up from 44 markets since the last Homes.com Rebound Report. Additionally, 26 markets posted a full rebound of more than 100% – up from the 22 in the last report as well!
The four newest markets to achieve a full rebound are Buffalo-Niagara Falls, NY, Rochester, NY, Louisville/Jefferson County, KY-IN, and Albuquerque, NM. Many of these top rebounding markets never experienced the dramatic peaks and troughs experienced by some of the markets in California and Florida, areas that saw large declines during the recession.
In addition to the rebound, home prices continue to climb in the latest Homes.com Local Market Index Report. For the fifth consecutive month, all 100 top U.S. markets increased in home prices year over year. Though, only 89 of the top 100 markets have experienced gains on a monthly basis. The monthly declining markets though are mostly located in the South region so this decline is very likely caused by a combination of seasonally cycling real estate trends and a general leveling in overall home prices. And despite the decline, but the majority of these markets have already achieved a full rebound recently.
Here are some highlights from the Homes.com Local Market Index and Rebound Reports:
The latest Homes.com Local Market Index reports the following:
- Year-over-year increases in all top 300 markets.
- Monthly increases in 89 of the top 100 markets and in 164 of the 200 midsized markets.
- Honolulu, Hawaii remains the top gaining market on a year-over-year basis with a 25.19 index point or 11.32 percent increase.
- California markets [Los Angeles-Long Beach-Santa Ana, Calif.; San Diego-Carlsbad-San Marcos, Calif., San Francisco-Oakland-Fremont, Calif.; Oxnard-Thousand Oaks-Ventura, Calif.] are the remaining 4 in the top 5. They increased 24.97, 24.75, 24.57 and 18.43 index points, respectively, but are only an average of 31 percent back to recovery.
- Nine of the top 10 monthly gaining markets from the top 100 are in the West, up from 6 in the previous month.
Highlights from the Homes.com Rebound Report for the top 300 markets show:
- 77 have made more than a 100 percent rebound, indicating a complete recovery in these markets. This is an increase from 64 markets in the previous reporting period.
- The 13 newest markets to achieve a full rebound are Buffalo-Niagara Falls, N.Y.; Rochester, N.Y.; Louisville/Jefferson County, Ky.-Ind.; Albuquerque, N.M.; Asheville, N.C.; Roanoke, Va.; Binghamton, N.Y.; Burlington-South Burlington, Vt.; Springfield, Ill.; Oshkosh-Neenah, Wis.; Statesville-Mooresville, N.C.; Pueblo, Colo.; and Rocky Mount, N.C.
- 143 show more than a 50 percent rebound, up from 132 markets in the previous month.
- 74 percent (57) of the 77 fully rebounded markets gained less than 2 percent, while 19 reported minor losses by 1 index point or less. This illustrates the seasonal downtrend in the housing market along with a leveling of home prices.
- 22 markets were not affected by the boom-bust scenario of the U.S. housing bubble. These markets did not experience the same peak-to-trough decline displayed by the remaining 278 markets. All of these markets are midsize markets, with half from the state of Texas and 73 percent from energy producing areas. They include: Brownsville-Harlingen, Texas; Killeen-Temple-Fort Hood, Texas; Shreveport-Bossier City, La.; Anchorage, Alaska; Fayetteville, N.C.; Charleston, W.Va.; Lubbock, Texas; Cedar Rapids, Iowa; Amarillo, Texas; Waco, Texas; College Station-Bryan, Texas; Longview, Texas; Tyler, Texas; Fargo, N.D.-Minn.; Jacksonville, N.C.; Monroe, La.; Waterloo-Cedar Falls, Iowa; Abilene, Texas; Iowa City, Iowa; Wichita Falls, Texas; Sioux City, Iowa-Neb.-S.D.; and Midland, Texas.
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.