In February, price appreciation resumed in most markets across the nation, with three more markets joining the list of fully recovered markets, said David Mele, president of Homes.com.
Norfolk, Va (PRWEB) April 30, 2015
Homes.com®, leading online real estate destination, has released its February 2015 Local Market Index, a price performance summary of repeat sales in the top 100 markets, and the companion Midsize Markets Report for defined areas ranked 101-300. Among the nation’s top 300 markets, a total of 123 markets, or 41 percent, have now achieved full pricing recovery compared to 91 markets (30 percent) in February 2014.
For the second month in a row, all of the nation’s 100 largest markets increased their 3-month average index point change in February. Jackson, MS had the largest 3-month average increase of 1.49 percent, while Deltona-Daytona Beach-Ormond Beach, FL had the smallest average 3-month increase of 0.16 percent. All 100 markets also increased prices on an annual basis.
43 of the top 100 markets in February continued to show complete price recovery, up one market from January. Youngstown-Warren-Boardman, OH-PA has rebounded at 100.14 percent. Additionally, 80 midsize markets have now fully recovered, an increase of two markets from January’s report. Grand Junction, CO and Hattiesburg, MS were the latest midsize markets to rebound, with rebound percentages of 100 percent and 100.81 percent respectively.
Largest Markets with Minimal and Moderate Declines Have Fully Rebounded
All of the top 100 markets that experienced either minimal price declines with a peak-to-trough decline of less than 10 percent or moderate price declines between 10-20 percent are now fully recovered. Markets with minimal price declines have achieved an average rebound percentage of 107 percent, and markets with moderate price declines are at 100 percent of the prior peak price. Severe price decline markets (with declines exceeding 20 percent) are seeing an average rebound of 82 percent.
“In February, price appreciation resumed in most markets across the nation, with three more markets joining the list of fully recovered markets,” said David Mele, president of Homes.com. “Even more encouraging, all markets in the top 100 that suffered price declines of less than 20 percent have now reached complete price recovery. While the hardest hit markets still have lost equity to restore, millions of homeowners are closing the gap.”
Southern Markets Take the Lead in Largest Markets
The South dominated the price recovery in the nation’s largest 100 markets with 22 of 30 markets fully recovered. The West ranked second with eight markets recovered out of 24 where prices now exceed peaks. Seven out of 20 have fully recovered in the Midwest, but the Northeast still has only six of 17 that have rebounded.
In February, the South had the largest 3-month average of 1.49 percent among the 100 largest markets. Of the bottom-performing regions, the Northeast had the smallest 3-month average increase of 0.22 percent. On a 3-month average, all markets in the top and bottom performing lists increased in February for the second month in a row.
Largest Markets Summary:
- New Orleans-Metairie, LA topped the largest markets with an annual percentage increase of 6.91 percent; Boise City, ID came in second at 6.43 percent.
- The West remains strong in annual percentage gains with seven markets out of the top ten reporting yearly increases. The three remaining markets are in the South: New Orleans-Metairie, LA; Jackson, MS and Miami-Fort Lauderdale-West Palm Beach, FL.
- For the second month in a row, all 100 top markets increased their 3-month average index point change.
- Jackson, MS had the largest 3-month average increase of 1.49 percent, while Deltona-Daytona Beach-Ormond Beach, FL had the smallest average 3-month increase of 0.16 percent.
- In February, the South Atlantic region saw the smallest 3-month average increases.
Midsize Markets Summary:
Among the nation’s next largest 200 markets, the market with the best 3-month average was Hattiesburg, MS, increasing 1.49 percent. The top-performing midsize markets increased more than 1 percent over a 3-month average, and are located in the Southeast/South Central region.
In February, the 3-month average percentage ranged from 1.21 percent to 1.49 percent, slightly higher than 1.01 percent to 1.38 percent in the prior month’s report.
On a yearly basis, the West claimed six of the 10 markets reporting increases. The remaining markets came from the Midwest (3) and South (1). Rapid City, SD remained the top annual market with an 8.65 percent index point increase and was the only market to see an increase over 8 percent. In February, the annual percent range was between 6 percent and almost 9 percent and was slightly lower than in January.
All midsize markets increased over a 3-month average, an increase of one market from last month. Some 199 markets increased annually, while Wheeling, WV-OH was the only market to decrease.
Midsize Markets by Region and Division:
- The top performing region was the South.
- The West also performed well, with two markets in that region seeing increases over 1 percent.
- The worst performing market again was Bangor, ME, located in the Northeast.
To receive a comprehensive data file, including index values in every zip code within a local market, contact LocalMarketReports(at)Homes(dot)com. To download a copy of reports, visit press.homes.com.
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