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The newest set of Local Market Reports, including pricing data for February, has finally arrived and we’re excited to announce that there’s nothing but good things to talk about! Let’s start off by highlighting that 41 percent of all U.S. housing markets have achieved a full price recovery, all of which can proudly show that the housing bubble is a thing of the past.
Now let’s take a closer look at how February treated the top 100 markets and the top midsize markets.
Top 100 Markets
For the second month in a row, all of the top markets increased their three-month average index point change. This is big news, considering that it’s the first time there were two consecutive months of gains since May and June of 2013! With an increase of one market from last month’s report, 43 of the top 100 markets have now achieved a complete price recovery. See the full report to find out if your market was the newest addition to this list.
With 22 of their 30 markets reaching a full recovery, the South was a clear standout on a regional basis. The West ranked second with eight out of 24 markets reporting prices that have exceeded their original peaks. Finally, seven out of 20 markets have fully recovered in the Midwest and the Northeast remained steady from last month with six of 17 markets.
Midsize Markets
Just like the top 100 list, all the mid-tier markets measured in these reports posted three-month average gains in February. The top 10 performing markets in this three-month average were located in the South, with Hattiesburg, MS ranking as top dog with a gain of 1.49%.
There are now 80 markets that have achieved complete price recovery, up two from last month’s report. In what seems to be a continuing trend, Rapid City, SD had the best performance on an annual basis with a gain of 8.65%. The average annual price appreciation for these mid-tier markets was 4.48% in February, which is 3.61 points lower than the 8.09% that was reported during February of 2014.
With the nation’s housing market continuing to show strong signs of stabilization, don’t be surprised if you see an uptick of activity in your area! This was a quick and easy break down of housing activity during February, so be sure to take a look at the home values in your local area and check out the full reports to see how your market stacks up against the rest of the nation.