Homes.com has released the most recent editions of the Local Market Index and Rebound reports to include data ending June 2013. Notice anything different? Already the most geographically comprehensive measure of the U.S. housing market, the Homes.com Local Market Index has been extended to include 200 Midsize Markets in the U.S., ranked 101 to 300 in population according to the U.S. Census Bureau. With that, we are happy to report that all 300 markets recorded gains year over year, with the top 100 markets reporting annual gains for the third month in a row! Further, the recent Homes.com Rebound Report reveals that 19 markets have shown a complete recovery, including Indianapolis-Carmel, IN, Raleigh-Cary, NC, and Syracuse, NY that join the list of full recovery markets in the U.S. with more than 100% rebound.
“The addition of the Mid-sized Markets report provides an even broader look at the growing confidence in the housing market nationwide” said Brock MacLean, executive vice president of Homes.com.
The latest data indicates monthly gains for single family homes in 87 of the top 100 markets, down a bit from 95 of 100 in the last reporting period. California was home to seven of the top 10 markets with the highest year-over-year changes.
Highlights from the Homes.com Local Market Index and Rebound Reports:
Top Performing Markets – Strength was widely spread throughout the Northeast, South and West all having solid gains in June. The recent expansion of the employment base is proving supportive to the housing market, keeping the overall attitude positive.
- Although weakness was concentrated in the southern region, Augusta-Richmond County, GA-SC was a standout, having the highest monthly increase of +2.51 index points
- Honolulu, HI once again possesses the highest annual change with a +23.67 point increase
- 19 of the top markets have made more than a 100% rebound, surpassing their highest position before the housing bubble burst
- Everything is still bigger in Texas, which is where six of the top 10 rebounding markets can be found, five of which have exceeded 200% recovery.
Worst Performing Markets – Speculation in some markets is diminishing as price increases are faster than normal, negatively affecting expected returns. The weakness in most markets was minor with only two markets seeing a decrease of one index point or more.
- Jackson, MS had the worst monthly performance with a -2.02 decline
- the Southern Region of the U.S continues to be the concentration of weakness, where six of the top 10 declining markets were located
- Providence-New Bedford-Fall River, RI-MA had the lowest annual gain of only +2.04 index reports
- Knoxville, TN had the second lowest monthly performance, down 1.19 index points
About the Homes.com Local Market Index
The Homes.com Local Market Index report tracks repeat sales of properties for both single family and multi-unit/condominium sales in separate indices for the top 100 Local Markets and midsized markets ranked from 101-300 as determined by the U.S Census Bureau Core Based Statistical Areas (CBSAs).
About the Homes.com Rebound Report