It’s that time again! The most recent Homes.com Local Market Index Reports are in and there’s a lot to discuss, so let’s get to it! There was a slight increase during February in the number of housing markets that have achieved a complete price recovery since our last report.
Six new markets can now say that the impact of the housing bust is a thing of the past, half coming from the top 100 metro areas and the other from the list of top midsize markets. The major metro areas include Salt Lake City, UT, Albany-Schenectady-Troy, NY, and Chattanooga, TN-GA, while Joplin, MO, Columbia, MO and Thomasville-Lexington, NC represented the top midsized markets. All six of these markets have now achieved rebound percentages exceeding 100 percent, so real estate professionals and homeowners in those areas should be on the lookout because property values should increase with the continued recovery!
The good news is that thirty-three percent of the U.S. housing market has now reached a full recovery! All 200 midsize local markets continued to show year-over-year gains for the eighth consecutive month, with 178 of these markets also increasing month to month.
While 9 of the top 10 markets with the highest year-over-year change were located in the West, the top 10 markets with month-to-month gains were in the Northeast and West. Buffalo-Niagara Falls, NY was the number one recovering market on a monthly basis, reeling in an index point increase of 2.34! Honolulu, HI and San Diego-Carlsbad-San Marcos, CA once again saw significant signs of improvement. In fact, they were the only two markets from the West to appear on the ‘Top Single-Family Markets’ list.
Here are additional highlights from the Local Market Index reports:
- Year-over-year increases in all top 300 markets
- Monthly increases in 93 of the top 100 markets
- Seven of the top ten gainers on a year-over-year basis were California markets, led by Los Angeles, whose media price has gained 25.84 percent in value over the past 12 months
- Top markets in both the Midwest and South consolidated modest gains in February. As sales pick up with warmer weather, prices should revive as well
- 98 markets have made a 100 percent rebound, indicating a complete recovery. This is an increase from 92 markets in the previous reporting period
More than one third of the 300 markets tracked by Homes.com have now achieved full pricing recovery
Price appreciation in large and midsized markets during February brought the total of markets that have rebounded to 98, or 34% of the total
Nearly two thirds (64%) of the Top 300 markets have rebounded more than 50% from the lowest price point since the housing crash in 2007
Top ten rebounding markets in February were: San Antonio-New Braunfels, TX (375.05%); Houston-Sugarland-Baytown, TX (355.64%); Dallas-Fort Worth-Arlington, TX (353.08%); Austin-Round Rock-San Marcos, TX (348.24%); Oklahoma City, OK (337.73%); Tulsa, OK (312.48%) McAllen-Edinburg-Mission, TX (301.11%); Pittsburgh, PA (239.54%); El Paso, TX (222.63%); and Baton Rouge, LA (200.76%)
The bottom ten rebounding markets are: Providence-New Bedford-Fall River, RI-MA (16.79%); Lakeland-Winter Haven, FL (19.21%); Cape Coral-Fort Myers, FL (19.63%); Las Vegas-Paradise, NV (20.04%); Orlando-Kissimmee-Sanford, FL (20.14%); Palm Bay-Melbourne-Titusville, FL (20.23%); Modesto, CA (20.37%); Stockton, CA (21.04%); North Port-Bradenton-Sarasota, FL (22.82%); and Jacksonville, FL (24.84%)
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