The newest batch of Homes.com Local Market Reports has been released and they show that local housing trends across the United States are stabilizing. Two additional markets are now close to having complete price recoveries. These markets include Provo-Orem, UT and Augusta-Richmond County, GA-SC, both with respective rebound percentages of around 99%!
The top Midsized Markets showed that with the addition of Columbus, GA-AL, 35 percent of all U.S. markets have now achieved a full price recovery. Unfortunately, there was a slight decrease from last month in the number of markets to reach a full price recovery. Knoxville, TN had a less than stellar performance this time around and dropped from the list of markets that have made a complete rebound. This means there are now only 36 of the top 100 markets that can say they have overcome the effects of the housing bust, instead of 37 markets, as stated in last month’s report.
The good news is that in the most recent reports, ninety-five local markets saw increases for the three-month average index point change. The percent change among the top markets during this three-month period ranged from a low of .60 percent to a high of almost two percent!
The South, Midwest and West regions contained the top 10 single-family markets over this three-month average. The top performer of these regions was the Midwest, as markets in Michigan and South Dakota saw the largest percentage change. In regards to the South’s performance, the Miami and Atlanta areas had annual index point increases exceeding nine percent! Finally, the Northwest markets of Seattle and Portland also put up commendable annual gains.
The leading gain was found in Rapid City, SD, with an index point jump of 1.96 percent over a three-month average. The largest decrease over this three-month average was located in Wheeling, WV-OH, which saw a point reduction of 2.69 percent! The “Big Easy” was a standout among the top markets, with the New Orleans-Metairie, LA market achieving over a one percent index point gain. Lastly, California was home to five of the top performing markets on an annual basis.
Looking for inspiration on how to present this data to your clients and prospects? The “Homes.com Local Market Index How-To Guide” will give you ideas on how to communicate this information to your clients and prospects. Check out the complete Local Market Index and Rebound Reports to get even more information about current conditions in the nation’s housing market![cf]skyword_tracking_tag[/cf]