The most recent Homes.com Local Market Index and Rebound Reports are in, bringing with them some very familiar news. For the tenth consecutive month, all of the top 100 local markets witnessed annual gains! Furthermore, eighty-three markets saw month-to-month gains. This is further evidence of an improving housing market, which means things are really starting to look up for real estate professionals!
Although 29 out of the top 100 markets continued to show a complete price recovery for the second month in a row, markets like Salt Lake City, UT, Madison, WI, and Chattanooga, TN posted considerable gains in January and are close to full recovery.
In regards to the midsize markets measured (ranked 101 to 300 in population, based on the U.S. Census Bureau), sixty-three have now completely recovered from the effects of the housing bubble burst. This is up three from last month, with the additions of Bloomington-Normal, IL, Appleton, WI and Warner Robins, GA, who witnessed rebound percentages of 105.01%, 101.13%, and 100.71%, respectively. The good news is that with the addition of these new markets, 31% of all the U.S. markets have either fully recovered or surpassed their pre-recession conditions.
Turning our attention to the top 100 markets, the West contained 9 of the Top 10 markets that saw the highest year-over-year change in index points. In fact, the Miami-Fort Lauderdale-Pompano Beach, FL metro area is the only top market not located in the West. On a monthly basis, the Southern region dominated with 9 of the top 10 performing markets. With that said, El Paso, TX was the top performer, with a 3.31 index point change and a 2.04% percentage change. Here are some of the details from the most recent reports:
Local Market Index and Rebound Report:
- Year-over-year increases in all top 300 markets
- Los Angeles, California was the top gaining market on a year-over-year basis, having a 26.21 point increase or 15.75 percent increase
- San Diego put an end to Honolulu’s hot streak, as they now have the second highest gaining market with a 24.77 point or 15.75 percent increase
- Honolulu, Hawaii is now the third highest gaining market on an annual basis, with a 24.63 index point gain
- California markets [San-Francisco- Oakland-Fremont, Calif.; Bakersfield-Delano, Calif.] are the remaining two in the top 5. Year-over-year, they increased 23.82 and 19.58 index points, respectively, for the top 100
- 92 markets have made a 100 percent rebound, indicating a complete recovery
- The south continues to dominate recovery, with 15 markets seeing rebound percentages greater than 100 percent. The South also saw three new markets enter the 75-100 percent recovered range
Do you have clients in any of these areas that are considering making a move to the market? If so, share this report with them to show that it would be a great time to buy or sell! View the press release for even more details and visit press.homes.com to view additional market reports.
