The Homes.com Local Market Index and Rebound Reports, including data ending May 2013, are in! While month-to-month decreases were marginal, all 100 markets reported year-over-year gains for the second month in a row including three California markets in the top five (Los Angeles, San Francisco, and San Diego). Further, 16 markets across the U.S. are fully recovered, and 38 now show a rebound of 50 percent or more. While the Local Market Index showed month-to-month increases for 95 out of the top 100 markets this was down from all 100 reported last month. But, these declines were marginal with the largest decrease in El Paso, Tex., which declined by only 0.31 index points. This includes six areas that, for the second month in a row belong to the Lonestar State, confirming that everything is still bigger in Texas! Of the 38 U.S. markets that have rebounded by 50 percent or more, eight of the top 10 markets are from Texas and Oklahoma, with five exceeding a 200% rebound!
“The findings of the latest Homes.com Rebound Report confirm the increased confidence and continuing recovery in the housing market,” said Brock MacLean, executive vice president of Homes.com. Highlights from the Homes.com Local Market Index and Rebound Reports:
Top Performing Markets:
- Honolulu, HI produced the highest monthly gain of +4.64 index points with Los Angeles-Long Beach-Santa Ana, CA close behind with a gain of 3.61 index points.
- Additionally, Honolulu, HI continues to lead year-over-year with a whopping +23.60 increase.
- Los Angeles, San Francisco, and San Diego metro areas in California keep their names on the chart with the second, third, and fifth highest year-over-year change with a gain of 20.57, 19.91, and 17.66 index points respectively.
- The Western region of the U.S remains strong with ten out of the 10 fastest growing markets.
Worst Performing Markets:
Slight decreases in Index Values were concentrated in the Southern Region of the U.S where the declining markets were located. Don’t be alarmed, all of these markets were located in Texas, where pricing has been the highest since the recession. Since these markets have consistently shown gains that were significantly higher than other markets, the declines are simply prices returning to more normal levels, indicating an otherwise healthy housing market.
- El Paso, TX possessed the worst monthly performance with a decline of 0.31 index points. This was followed by the San Antonio-New Braunfels, TX market, which was also down 0.31 index points.
- Providence-New Bedford, RI-MA had the worst year-over-year performance with only a slight (+.69) increase
Overall the housing market is continuing to regain its composure from the effects of the housing bubble burst! For more information on how well your local market is recovering, find the complete Homes.com Rebound Report on all 100 markets here.
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