The most recent batch of the Homes.com Local Market Reports has arrived and there has been significant housing market activity since our last report. For starters, 96 of the top 100 markets posted month over month gains; that’s seventeen more than the month before! Surprisingly, the majority of these markets were located in areas of the Northeast that were heavily impacted by this year’s severe winter weather.
The Northeast also saw the most index point gains, with eight markets listed in the top 10 month-over-month list, all of which increased by nearly 2 points or more! Springfield, MA was the top performer, reeling in a whopping 5 index point gain!
Taking a look at the big picture, the West region was a standout on a year-over-year basis, with nine markets seeing index point increases. There was a slight increase in the number of markets posting a full price recovery, as 37 out of the top 100 markets can proudly say that they are free and clear from the effects of the housing bust. Knoxville, TN and Albany-Schenectady-Troy, NY were the newest markets to achieve this complete price recovery, with rebound percentages over 102 percent!
The number of midsize markets with monthly index point gains increased to 183, up 21 markets from the last report. In addition to having the highest performing markets in the top 100, the midsize markets of the Northeast had a stellar month, too! In fact, the majority of the top 10 performing midsize markets could also be found in the Northeast. Bangor, ME leads the list of the top ten month-over-month midsize markets, checking in with an increase of 7.65 index points. The newest market to be added to this list was Valdosta, GA, coming in with a rebound percentage of 100.65%! Lastly, sixty-eight of the midsize markets measured in this report have now posted price recoveries exceeding 100 percent!
There’s been a lot of activity in the nation’s housing market, but the good news is that all signs point to a recovery in home prices. Share this data with your clients and prospects with a little help from the Homes.com Local Market Index How-To Guide, as it will give you ideas for putting this information into easy-to-understand terms. Finally, don’t forget to check out the full press release to find all the data from the most recent Homes.com Local Market Index and Rebound Reports!
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