In what seems to be a continuing trend, the top 100 local markets all saw year-over-year gains for the eighth consecutive month. As seen on Fox Business’ Varney & Company, Homes.com’s Vice President Brock Maclean reported that eighty-five markets witnessed month-to-month gains, a slight decrease from last month’s total of 88 markets.
Twenty-eight of the top 100 markets now show a complete price recovery from peak-to-trough decline attributable to the housing bubble burst, up from the previous total of twenty-six markets. Furthermore, 59 mid-sized markets have now recovered 100%, up by only one market from last month. This increase means that 29% of all U.S. markets have now achieved full price recovery! While these changes may seem minor, it’s evidence of the continued recovery of home prices.
From a broader perspective, the West was a standout, possessing the top 10 increasing markets with the highest year-over-year gains. The Southern region was the top performer month-to-month, where the New Orleans–Metairie–Kenner, LA metro area saw a 5.85 index point gain. But the top 10 markets with the highest monthly changes were located in metro areas throughout the West, South and Northeast regions.
Here are even more highlights from the most recent reports:
Local Market Index
- No surprise here, Honolulu, HI was once again the top gaining market on a year-over-year basis with a 12.62% index point increase
- Regarding month-to-month changes, the largest decrease was in the Jackson, MS metro area with a 1.34 index point decrease
- The smallest year-over-year increases were located in the Providence–New Bedford–Fall River, RI-MA metro areas with a mere 6.16 index points
- For the sixth consecutive month, highly populated California markets [Los Angeles–Long Beach–Santa Ana, CA; San Diego–Carlsbad–San Marcos, CA; and San Francisco–Oakland–Fremont, CA] slightly trailed Honolulu’s impressive performance by 28.22, 26.68, 25.58 index points, respectively
- The Portland–Vancouver–Hillsboro, OR-WA metro areas made an appearance this month, landing the tenth position for the top gaining markets on a year to year basis
- San Antonio–New Braunfels, TX was the leading rebounding market with a 319.30% total price recovery from the housing bubble burst
- Texas once again made a name for itself by possessing six of the top ten rebounding markets, all having over a 100% recovery rate
- Greensboro–High Point, NC and Ogden–Clearfield, UT were added to the list of markets that have completely recovered
- Peoria, IL can now be added to the list of markets that have more than 100% rebounded
- In addition to having the smallest year-over-year increase, Providence-New Bedford-Fall River, RI-MA also had the weakest rebound rate with a mere 13.98%
Although home prices in the top 100 markets continue to fluctuate, annual gains were slightly stronger than the previous month and have helped reduce the total number of markets in the 0-25% range of recovery. In regards to the middle ground, there was an increase in the 50-75% range but a decrease in the 75-100% range. The most recent price trends and increasing rebound rates confirm that the housing market is recovering.
Are any of your clients or prospects looking to buy a new home or sell their current one? Share the information from these reports to give them a better idea about the state of their local market. To find more details from the most recent Local Market Index and Rebound Reports, take a look at the full Homes.com press release.