Homes.com® Reports More than One-Third of Housing Markets Have Topped Peak Prices

A total of 111 markets have now fully recovered

NORFOLK, Va. (December 8, 2014) – Homes.com®, leading online real estate destination, has released the September Local Market Index. Analyzing data through the first three quarters of 2014, 37 percent of the nation’s 300 large and midsize real estate markets have attained or exceeded their peak median prices reached during the real estate boom, compared to 27 percent last year.

New Price Peaks Mean More Homeowner Equity

According to Homes.com’s September Local Market Index, a price performance summary of repeat sales in the top 100 markets, and its companion Midsize Markets Report for defined areas ranked 101-300, a total of 111 markets have now fully recovered their peak prices. This has restored hundreds of millions of dollars of lost homeowner equity.

Not only have a record number of markets exceeded their highest prices, the average rebound percentage for all 300 markets tracked by Homes.com that were impacted by the Great Recession reached 93.91 percent in September, a new record for the nation as a whole and evidence of the breadth of the recovery.

“Despite reports of moderating price appreciation, through the first three quarters of the year, a record number of markets reached the highest median prices in their histories, exceeding even the highest levels of the housing boom 10 years ago,” said David Mele, president of Homes.com. “What this means for millions of owners is the restoration of equity lost in the housing collapse. This will allow them to sell, refinance or use that equity for other purposes, breathing new life into local economies.”

Largest Markets Continue to Appreciate

Continued price growth in large and midsize markets during September helped drive the recovery.  Of the top 100 markets, 67 markets increased their three-month average index point change in September, down nine from last month. Stockton-Lodi, California had the largest three-month average increase of 0.44 percent, while Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin experienced the largest three-month average decrease of 0.58 percent.

For the fourth consecutive month, Las Vegas-Henderson-Paradise, Nevada took the top spot in annual index point change with an increase of 7.34 percent. New Orleans-Metairie, Louisiana came in second with an annual percent change of 7.27 percent. California had four markets in the top yearly gaining list, but saw that number diminish in the past few months. The West still dominates the top increasing markets on an annual basis, with seven markets seeing index point increases. The remaining three markets are in the South: New Orleans-Metairie, Louisiana; Miami-Fort Lauderdale-West Palm Beach, Florida; and Deltona-Daytona Beach-Ormond Beach, Florida. In September, the annual percentage for the top 10 markets ranged from 5 percent to 7 percent, slightly lower than the 6 percent to 8 percent reported in August and 8 percent to 10 percent in July.

Of the nation’s 100 largest markets, Stockton-Lodi, California had the highest percentage increase over a three-month period of 0.44 percent. The top 10 markets with the highest three-month average percent change were shared between the West and South. Four markets were in the South with Jackson, Mississippi being the top market in that region with a three-month average percentage of 0.36 percent. The three-month average percentage for the top 10 markets ranged from 0.24 percent to 0.44 percent, slightly lower than the 0.31 percent to 0.55 percent reported in August. The three-month average percentage change for all top 100 markets was 0.05 percent, lower than the 0.09 percent recorded in August.

Largest Markets Summary:

  • Stockton-Lodi, California reported the largest three-month average increase with a 0.44 percent index point increase.
  • Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin saw the largest three-month average decrease at 0.58 percent.
  • The Las Vegas-Henderson-Paradise, Nevada and New Orleans-Metairie, Louisiana metro areas posted annual index point increases of 7.34 percent and 7.27 percent, respectively.
  • Of the midsize markets, Bend-Redmond, Oregon had the largest three-month average increase and an annual increase of 0.51 percent and 8.38 percent, respectively.
  • The South continued to dominate recovery with 20 markets seeing rebound percentages greater than 100 percent. The West came in second with seven markets having a greater than 100 percent rebound.

Nearly All Midsize Markets Gain

Measured on a year-over-year basis, 199 out of 200 midsize markets tracked by Homes.com had positive gains in market value, with annual changes being more distributed throughout the country. Of the top 10 markets, seven are located in the West, two in the Midwest and one in the South. The average annual price appreciation for all mid-tier markets for September was 4.29 percent, down 45 percent from the average annual appreciation in January 2014 (7.89 percent). Most markets in the West were hard hit by the recession but are regaining their housing price momentum due to the expanding economy.

Reviewing the midsize markets, 147 markets reported an increase over a three-month average, up six from the previous month. Of the combined top 100 markets and 200 midsize markets, 111 markets, or 37 percent, have achieved full pricing recovery, increasing by three markets from August’s report. Analyzing year-over-year gains, both the top 100 and midsize markets are showing signs of stabilizing, with average home equity gains at 4.28 percent for the year compared to 7.89 percent in September 2013.

Midsize Market by Region and Division:

  • The top performing midsize market is Bend-Redmond, Oregon.
  • The top performing markets did not see a percentage higher than 0.51 percent.
  • The bottom performing market was Claremont-Lebanon, New Hampshire-Vermont.
  • All lowest performing markets decreased their three-month average.
  • The three-month average percent change of top-performing markets was the highest in the Pacific Northwest at 0.51 percent, followed by the South Atlantic at 0.46 percent.  The region with the lowest three-month average increase was the Mid-Atlantic with a 0.14 percent increase.
  • Three of the bottom performing markets saw drops in their monthly change, with Claremont-Lebanon, New Hampshire-Vermont seeing a monthly drop of 0.46 percent. Other markets that saw drops in home pricing monthly were Jackson, Mississippi and Kingsport-Bristol, Tennessee-Virginia with drops of 0.35 percent and 0.31 percent, respectively.

Resources:

Download all Homes.com Local Market Reports, supporting documents and rebound percentages for September 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, the Homes.com Rebound Report and other frequently asked questions.

To receive a comprehensive data file, including index values in every zip code within a local market, contact LocalMarketReports@Homes.com.

About Homes.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.

Homes.com® Receives RETS 1.7.2 Client Certification

Leading real estate site increases quality and accuracy of data through industry-wide standards organization 

Norfolk, Va. – (November 20, 2014) – Homes.com®, leading online real estate resource and top provider of real estate marketing solutions, has earned the Real Estate Transaction Standard (RETS) 1.7.2 Client Certification by the Real Estate Standards Organization (RESO). A nationally recognized real estate technology certification, RETS provides the real estate industry with the ability to effortlessly connect and communicate using the same computer language.

The RETS client certification not only increases the quality and the accuracy of listings on Homes.com, but allows the real estate industry to communicate more efficiently with Homes.com. As part of the RETS client certification process, Homes.com client servers were tested to receive data formatted according to RETS standards and passed all tests.

“Homes.com is thrilled to be among a select number of real estate technology providers to receive RETS client certification from RESO. The adoption of standardized processes throughout the industry is an important step in improving the overall accuracy of data for consumers and real estate professionals,” said Dave Mele, president of Homes.com. “By adopting the RESO standards, Homes.com is able to activate and process data more efficiently, ultimately benefiting the real estate industry as a whole.”

For more information on the RESO RETS Client Certification, visit http://www.reso.org/certification.

About Homes.com
Homes.com is a leading provider of real estate marketing and media services, including brand advertising, property listing exposure and syndication, search engine marketing and instant response lead generation. Homes Connect by Homes.com offers the real estate industry’s first-ever, all-inclusive marketing platform for agents and brokers featuring single-login convenience, and the new Homes.com Social offers innovative tools and resources to help real estate professionals save time and simplify social media marketing. Over 12 million consumers visit Homes.com each month to search nearly 3 million properties for sale or rent, to locate real estate agents in their area, and to find useful home buying tips. For more information, visit Homes.com.

Homes.com® Local Market Reports Show Housing Market Continuing to Stabilize

Home values increased 12 percent over past two years for top 300 markets

NORFOLK, Va. (October 27, 2014) – Homes.com®, leading online real estate destination, has released its August 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 100 largest markets, 76 markets increased their three-month average index point change, eight fewer than the prior month. Reviewing the midsize Midsize markets, 141 markets reported an increase over a three-month average, down 25 from the previous month. Of the combined top 100 markets and 200 midsize marketsMidsize Markets, 108 markets, or 36 percent, have achieved full pricing recovery, decreasing by one market from the July reports. Analyzing year-over-year gains, both the top 100 and midsize markets are showing signs of stabilizing, with average home equity gains at 4.57 percent for the year, compared to 7.4 percent in August 2013.

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Homes.com® Unveils Updated Mobile Application

Leading real estate site launches refreshed, improved consumer mobile app

Homes.com Mobile App - Filter

Norfolk, Va. – (October 23, 2014) - Homes.com® has re-launched its Homes, Apartments, and Real Estate search app with version 7.0 for iOS in the iTunes Store and for Android in the Google Play Store. Completely overhauled and featuring new tools and resources, the app utilizes Homes.com mobile technology with advanced features for consumer ease-of-use. Redesigned with a modern look and improved speed and functionality, the new application introduces easier navigation, an innovative commute time feature and more options for sorting and filtering homes. A leader in consumer real estate search solutions and technology, Homes.com continues to prove itself the frontrunner in providing innovative tools and resources for consumers across the country.


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Homes.com® Partners with New Home Feed, Boosting Inventory

Partnership gives new home builders greater access to qualified home shoppers

Norfolk, Virginia (October 16, 2014) – Homes.com®, leading online real estate resource and top provider of real estate marketing solutions, has announced its newest partnership in listing data. New Home Feed, a leading marketing tool for home builders to distribute and manage new home listings, will add its high-quality new home listings to Homes.com. This will provide a positive user experience for consumers and give builders access to the more than 12 million active home shoppers who come to the Homes.com website each month.

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