According to the most recent batch of Homes.com Local Market Reports, September was a benchmark month for the recovering U.S. housing market, and price growth in both large and Midsized markets played a big part in it. For starters, a record number of markets have exceeded their previous peak pricing! Furthermore, the average rebound percentage for all 300 markets reached 93.1% this month -higher than any month since the recession came to an end. Looking at the total markets measured by the Local Market Index, there are now 111 (37%) that have reached a full price recovery.
Now lets take a closer look at the Top 100 and Midsized markets, as well as briefly overview regional performance.
Top 100 Markets
Thirty-nine of the top one hundred markets continued to show a complete price recovery for the second month in a row, but there are a few that have been inching closer. These markets include Provo-Orem, UT & Nashville-Davidson-Murfreesboro-Franklin,TN, with rebounds of 99.82% and 99.23%, respectfully. With a solid gain of 7.34%, Las Vegas-Henderson-Paradise, NV, had the highest annual index point change for the fourth month in a row!
Only sixty-seven of the top markets were able to increase their 3-month average index point change during this reporting period. Of these sixty-seven markets, Stockton-Lodi, CA witnessed the highest increase with 0.44%.
Top Midsized Markets
After falling from the list of completely rebounded markets in previous months, Columbus, GA-AL made a comeback in September by clocking in with a rebound percentage of 100.28%. September also proved to be a big month for the Eau Claire, WI & Florence-Muscle Shoals, AL markets, with respective rebound percentages of 100.09% and 100.01%. With the addition of these three markets, there are now seventy-two Midsized markets that have achieved a rebound percentage of over 100%!
There were 147 markets that reported an increase over a 3-month average, up six from last month’s report. Of these markets, Bend-Redmond, OR was the top three and six month performer with gains of 8.38% and 0.51% respectively.
In regards to regions with the highest 3-month average gains in home prices,
five markets were located in the West, four were in the Midwest and only one came from the South. Looking at the performers on an annual basis, the West was a clear front-runner with a total of seven markets, while two came from the Midwest and one came from the South.
In our last report, the 3-month average range varied from 0.57% and 3%, while the annual percentage range fell between 6% and 14%. The good news is that we started to see a bit of normalization for both in September, with the 3-month average now between 0.41% to 0.51% and 6% to 8% on an annual basis.
Do you have clients in any of these top performing markets? Let them know that things are looking up and it may be a good time for them to buy! Check out the full Homes.com Local Market Index Reports for more information about pricing activity during September.