Newly rebounded markets have restored to homeowners the equity lost during the decline of the Great Recession, providing hope to many that they can sell or refinance as the market continues to stabilize.
Norfolk, VA (PRWEB) April 23, 2014
Homes.com, leading online real estate destination, has released its February Local Market Index, a price performance summary of repeat sales of U.S. properties. Utilizing home pricing data, the Index shows year-over-year gains for single-family properties in all 300 top U.S. markets. Among the nation’s top 100 largest markets, three reached full price recovery in February, including Salt Lake City, UT, Albany, NY and Chattanooga, TN.
Similar to January, February is traditionally a slower sales month, yet home values for all 300 markets tracked gains on a monthly basis. Of the top 100 markets, 93 have increased, up ten from the previous month’s 83. Though brutal, winter had little effect on monthly price appreciation, with eight of the top ten single-family markets in the Northeast. For the ninth month in a row, California dominated the top 10 list with seven of the top 10 annual gaining markets. Los Angeles leads price recovery in California, with home values gaining more than 25 percent in value over the past year.
Among the nation’s top 100 largest markets, three reached full recovery during February, including Salt Lake City, UT, Albany-Schenectady-Troy, NY and Chattanooga, TN. More than one third of the 300 markets tracked by the Homes.com Rebound Report have now achieved full pricing recovery. Price appreciation in large and midsized markets during February brought the total number of markets that have rebounded to 98. Among midsized markets, 66 of the 200 markets are now considered fully recovered, which is up three from January reports. These additional markets include Joplin, MO, Columbia, MO and Thomasville-Lexington, NC.
Additional highlights from the Homes.com Local Market Index reports include:
Year-over-year increases in all top 300 markets.
Monthly increases in 93 of the top 100 markets and in 178 of the 200 midsize markets.
Seven of the top ten gainers on a year-over-year basis were California markets, led by Los Angeles, whose median price has gained 25.84 percent in value over the past 12 months.
Among the 200 midsized markets, 178 increased month-to-month – up 13 from last month.
Top markets in both the Midwest and South consolidated modest gains in February. As sales pick up with warmer weather, prices should revive as well.
Additional highlights from the Homes.com Rebound Report:
98 markets have made a 100 percent rebound, indicating a complete recovery. This is an increase from 92 markets in the previous reporting period.
More than one third of the 300 markets tracked by Homes.com have now achieved full pricing recovery.
Price appreciation in large and midsized markets during February brought the total of markets that have rebounded to 98, or 34% of the total.
Nearly two thirds (64%) of the Top 300 markets have rebounded more than 50% from the lowest price point since the housing crash in 2007.
Top ten rebounding markets in February were: San Antonio-New Braunfels, TX (375.05%); Houston-Sugarland-Baytown, TX (355.64%); Dallas-Fort Worth-Arlington, TX (353.08%); Austin-Round Rock-San Marcos, TX (348.24%); Oklahoma City, OK (337.73%); Tulsa, OK (312.48%) McAllen-Edinburg-Mission, TX (301.11%); Pittsburgh, PA (239.54%); El Paso, TX (222.63%); and Baton Rouge, LA (200.76%).
The bottom ten rebounding markets are: Providence-New Bedford-Fall River, RI-MA (16.79%); Lakeland-Winter Haven, FL (19.21%); Cape Coral-Fort Myers, FL (19.63%); Las Vegas-Paradise, NV (20.04%); Orlando-Kissimmee-Sanford, FL (20.14%); Palm Bay-Melbourne-Titusville, FL (20.23%); Modesto, CA (20.37%); Stockton, CA (21.04%); North Port-Bradenton-Sarasota, FL (22.82%); and Jacksonville, FL (24.84%).
“February’s rebound progress illustrates how home prices in most markets across the country are appreciating, even in the depths of winter,” said Brock MacLean, executive vice president of Homes.com. “This is unusual given harsh weather conditions in most markets, but a positive sign as we enter peak season. Newly rebounded markets have restored to homeowners the equity lost during the decline of the Great Recession, providing hope to many that they can sell or refinance as the market continues to stabilize.”
To provide insight into local sector housing trends across the country, Homes.com publishes the Local Market Index for the Top 100 markets and the companion Midsize Markets Report for defined areas ranked from 101-300.
As a complement to the Local Market Index, Homes.com publishes an exclusive Rebound Report, highlighting how the housing recovery process is unfolding across the country. It measures each market’s peak-to-trough decline in index value, which had been attributed to the bursting of the U.S. housing bubble.
Download all Local Market Reports, supporting documents and rebound percentages for February 2014.
Download the Homes.com Local Market Report tables and graphs.
Learn more about the methodology used to create Homes.com’s Local Market Index and other frequently asked questions.
To receive a comprehensive data file, including index values in every zip code within a local market, contact LocalMarketReports(at)Homes(dot)com.
As one of the nation’s top online real estate destinations, Homes.com inspires consumers to dream big. From affordable houses to luxurious estates, condos, apartment rentals and more, Homes.com features more than 3 million property listings and exclusive distribution of over 20,000 apartment listings from ForRent.com in a user-friendly format, making finding your next home easy. Visitors to the Homes.com blog will find a collection of rich information and posts on DIY projects, painting, organization tips and more, providing the ultimate resource for everything home related. From finding your first apartment to buying your first home, upgrading, downsizing and everything in between, Homes.com is an inspiring and engaging partner in every phase of the home buying or renting process.
Visit Homes.com and download the Homes.com Mobile App, Rentals Mobile App, or Mortgage Calculator to assist in your home search. For home decor tips and more, visit Blog.Homes.com.