The last round of Homes.com Local Market Index Reports found that the nation’s housing market was showing signs of slower growth than earlier in the year. While a similar trend was identified in the most recent batch of reports, the market continues to recover from its recent destabilization in home prices.
In terms of regional activity, five of the top markets with the highest 3-month average growth in home prices were located in the South, and the rest could be found in the Northeast and Midwest areas of the country. Looking at price growth on an annual basis, 6 of the top performing markets were from the west while 2 markets came from the Midwest and the South.
Here are more details on the top 100 and mid-sized markets for the reporting period ending August 2014:
Top 100 Markets
Although there were no new markets to completely recover their home prices during this reporting, four of the top 100 markets are inching closer with rebound percentages between 97% and 100%. These markets are:
- Provo-Orem, UT
- Nashville-Davidson-Murfeesboro-Franklin, TN
- Scranton-Wilkes Barre-Hazleton, PA
- Jackson, MS.
Seventy-six of the top 100 markets increased their 3-month average, and from a year-over-year standpoint, there are solid signs of stabilization. In fact, average home equity gains are now 4.57 percent for the year compared to 7.4 percent during the same reporting period in August 2013.
Taking a look at the top performing markets, Louisville/Jefferson County, KY-IN saw the largest 3 month average increase at 0.55%. Furthermore, Vegas-Henderson-Paradise, NV once again took the top spot in terms of annual index point change with an increase of 8.38%, slightly down from the 10.17% that was reported last month.
In general, markets are still showing signs of recovery but at a slower rate than what we were seeing at the beginning of the year. In the markets that have fully recovered, this slower growth could be seen as a natural leveling of gains.
Top Mid-Sized Markets
The top mid-sized markets now have a total of 69 markets that have more than 100% recovered from the price drops from the recession. In addition to the markets that have achieved a complete recovery or more, Columbus, GA-AL continues to get closer, but only has a rebound percentage between 97% and 100%. If you take into account the top 100 markets, there are now a total of 108, or 36% of the U.S. markets seeing a full recovery. Rochester, MN came in with the highest annual and 3-month average at 14.63% and 3.39%, respectively. Rapid City, SD, which was the top 3-month average market in the last report, is now the lowest performing market with a significant index point decrease of 1.42%.
Share this with your clients to keep them up to date on how their local market it performing and check out the full press release for even more data from the most recent Local Market Reports.[cf]skyword_tracking_tag[/cf]