The latest Homes.com Local Market Reports are in and with them comes evidence that the nation’s housing market remains on the up-and-up. In fact, five of the top 100 markets have now reached a complete price recovery – up three from our last report. Of these, five new markets have emerged including Charlotte-Concord-Gastonia, North Carolina-South Carolina; Spokane, Washington; Madison, Wisconsin;Tuscaloosa, Alabama; and Alabany, Georgia, all of which have fully recovered from their lowest level of home prices since the recession.
To continue on this positive trend, 67 of the top midsized markets (population rank from 101 to 300) have now exceeded a 100% recovery. This means that 102 (34%) of U.S. markets have now said farewell to the effects of the housing bust. Also, the nation’s 100 largest markets saw an 8.3% annual increase in home values with the smallest increases still above 3%!
The southern region saw the greatest monthly index point gains with three Florida markets landing in the top ten. These standout markets include Lakeland-Winter Haven, Jacksonville and Daytona Beach, all of which saw significant increases of almost two index points. The sunny city of Honolulu was the top monthly performer once again with a 2.95 point increase and was followed by Richmond, Virginia with a monthly increase of 2.57 points.
The top ten annual market leaders could be found in the Western region of the country. With all markets having increases in home prices, the West was a clear front runner on an annual basis. Six of the top ten markets were located in California with others scattered across the Washington state area. San Diego-Carlsbad and Los Angeles-Long Beach-Anaheim were the top California markets with annual increases exceeding 25 points! However, Charlottesville, Virginia, saw a year-over-year index point gain of 21.30, making it the lone southern region to make an appearance in the Top 10. Last but not least, the Northwest markets of Spokane, Seattle and Portland also saw noteworthy annual gains.
Unfortunately, the number of midsize markets posting monthly index point gains decreased during March, dropping February’s 178 to 162 markets in the most recent reports. Furthermore, the largest decrease was in Portland-South Portland, Maine, with a decline of 4.33 index points. To finish on a positive note, Hilo, Hawaii, had the largest gain for the second month with a 4.33 index point increase!
Looking for a way to help local buyers and sellers make sense of this information? The Homes.com Local Market Index How-to-Guide provides valuable tips on how to better interpret the data found in these reports and how you can share it with your clients and prospects! Check out the full press release to get even more information from the most recent batch of Homes.com’s Local Market Index and Rebound Reports![cf]skyword_tracking_tag[/cf]