It’s a great time to be in real estate! Homes.com is thrilled to inform you about the release of our latest Local Market Index and Rebound Reports as reported on Fox Business News. For home pricing data ending April 2013, all of the top U.S. markets increased in home prices on both a monthly and annual basis! Further, 35 of the top markets have shown more than a 50% recovery in the price decline attributable to the Great Recession – up from the 28 markets in last month’s report. In fact, 14 of these markets displayed a full price recovery – up from nine in March.
Even though all of the top 100 markets saw both monthly and annual increases, strength in April was concentrated in the
Western Region of the U.S. where six of the 10 best performing markets were located.
Top Performing Markets
Here are a few metro areas that out performed them all:
- The capital city of Jackson, MS saw the largest monthly increase (+2.96) and currently sits on top of the podium.
- Los Angeles and surrounding areas of Long Beach and Santa Ana, CA took second place in both month-to-month increases (+2.75 points) and in year-over-year increases (+18.85 points).
- Honolulu, HI continues to heat up the charts with the highest year-over-year increase (+22.08 index points!) and the third highest (+2.62) increase in month-to-month growth
Worst Performing Markets
As far as the concentration of weakness goes, seven of the 10 worst markets were located in the Southern Region, which, along with the Northeast has been home to under performing markets for several months running.
- Tulsa, OK had the slowest month-to-month gain and is the worst for the Southern Region, it is one of the top rebounding markets with a 179% rebound.
- Little Rock-North Little Rock-Conway, AR had the smallest monthly gain at 0.34 index points.
- Year-over-year, the slowest growing markets were in Tennessee with Memphis, TN-MS-AR up only 0.79 points and Chattanooga, TN-GA 1.51 points higher.
Brian Jones, senior U.S. economist in New York, states that “the residential real-estate market in the U.S. is on fire¹.” Some experts caution however that the market may be “too good” and that we “need to see a moderation of home-price growth.” In the case of home pricing trends, moderation is most definitely the key. A majority of markets with moderate gains during the housing bubble are the first to completely rebound while those with extreme growth take longer to catch up.
Overall, price trends in April clearly show the momentum of progress within the real estate industry. For more information on how your local market is recovering, take a look at the full Rebound Report on all 100 markets and the press release.
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 separate indices for the top 100 Local Markets as determined by the U.S Census Bureau Core Based Statistical Areas (CBSAs).
About the Homes.com Rebound Report
¹ Bloomberg, Sales of Existing U.S. Homes Rise More Than Forecast, Jeanna Smialek, Jun 20, 2013