Homes.com’s most recent Local Market Index and Rebound Reports including data ending October 2013 have been released, bringing with them exciting news as we move closer to 2014! For the seventh consecutive month, all the top 100 local markets saw year over year increases! Additionally, each of the top 200 mid-sized markets saw year-over-year increases this month.
Month-over-month increases were seen in 253 of the top 300 markets, which increased from last month’s total of 251 markets. Furthermore, 55 out of the top 100 markets have now recovered more than fifty percent of their loss in home prices since the housing bubble burst!
Unfortunately because of seasonal real estate trends, there was little to no change in the number of markets moving into full rebound. In fact, for the second month in a row only 26 of the top 100 show a complete price recovery from the downturns of the recession. There is more good news! Fifty-eight mid-sized markets are now more than 100% rebounded, bringing the total to 84 (28%) U.S. markets have achieved a full recovery.
From a regional standpoint, the Western region of the U.S. stood out with year-over-year increases in nine out of the top 10 markets. For the fifth consecutive month, Anchorage, Alaska and Hilo, Hawaii continue to be the top performing markets on a year-over-year basis. Here are a few more highlights from this month’s Local Market Index and Rebound Reports:
Local Market Index
- Honolulu, HI continues its hot streak and remained the top gaining market on a year-over-year basis with a 29.69 index point and 13.43% increase vs. last year.
- For the fifth consecutive month, California dominates with eight of the top 10 annual gaining markets including the highly populated areas of Los Angeles-Long Beach-Santa Ana, CA; San Diego-Carlsbad-San Marcos, CA; and San Francisco-Oakland-Fremont, CA .
- Monthly, however, the top 10 markets were evenly split between the West and South with Jackson, MS and Chattanooga, TN-GA as the top two with a 2.54 and 1.80 index point increase.
- Monthly increases were seen in 88 of the top 100 markets and in 165 of the 200 midsized markets.
- 84 markets have made more than a 100 percent rebound, which indicated a complete recovery in these markets. This is an increase from 80 markets from our last report.
- 19 of the 84 fully rebounded markets reported month-over-month losses and the remaining averaged /5 percent gains month-over-month compared to .78 percent gains in non-recovered markets. This can be attributed to the seasonal downtrends of the housing market along with a leveling of home prices.
- Johnson City, Tenn., Spartanburg, S.C., Anderson, S.C., and Elkhart-Goshen, Ind. were the 4 newest markets to achieve a full rebound during this reporting period.
- 158 markets show more than a 50 percent rebound, up from 152 markets in the previous month.
“It is encouraging to see both large and small markets experiencing continued improvements as the housing market maintains steady stabilization. Moving into 2014, sustained recovery will push the market forward with markets in the West and heartland area leading the pack,” said Brock MacLean, executive vice president of Homes.com. “These price gains are restoring millions of homeowners to positive equity and are reviving local real estate markets across the country.”