Northeast sees home value losses, Midwest shows signs of slowing
NORFOLK, Virginia (May 30, 2014) – Homes.com, leading online real estate destination, has released its March Local Market Index, a price performance summary of repeat sales of the top 100 markets and the companion Midsize Markets Report for defined areas ranked from 101-300. 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, 79 local markets have increased month-to-month.
The West dominates the top 100 markets for the tenth month in a row with seven markets reaching full recovery. California captured six of the top ten annual gaining spots. San Diego, California leads, posting an increase of more than 16 percent. The South dominates the top 100 markets for monthly gains, with six of the top 10 coming from that region and 18 markets in the area seeing rebound percentages greater than 100.
Indications for housing recovery in other parts of the country are not as promising, with the Northeast and Midwest showing signs of slowing. While the Northeast has four markets that recovered at 100 percent or more, gains in the area have stalled with decreases in two of the past three months. The Midwest is also seeing signs of slowing with modest monthly gains of .39 percent, .14 percent and .69 percent in March, February and January, respectively. However, six markets in the Midwest have reached full recovery, with a rebound percentage of 100 or more.
In the March report, five additional markets now show complete price recovery, with 35 of the top 100 markets reaching full rebound. The three newest markets to attain full recovery are Charlotte-Concord-Gastonia, North Carolina-South Carolina, Spokane, Washington and Madison, Wisconsin. Over one third of the 300 markets tracked by the Homes.com Rebound Report have now achieved full pricing recovery, bringing the total to 102 fully rebounded markets. An additional 57 percent of U.S. markets have rebounded 50 percent from their lowest price during the housing recession.
“As peak real estate season gets underway, hundreds of markets moved closer to rebound status with several reaching full price recovery,” said Brock MacLean, executive vice president of Homes.com. “The top 300 U.S. markets have seen average annual gains of eight percent with the lowest gains still above three percent. As tight inventory boosts prices and recent graduates struggle with student debt, we’re now seeing signs of slowing in specific regions of the country indicating a recovery may be a longer process in certain areas.”
Additional highlights from the Homes.com Local Market Index reports include:
Six of the top ten gainers on a year-over-year basis were California markets, led by San Diego, whose median price has gained 16.33% in value over the past 12 months.
Spokane, Washington entered the top ten year-over-year list for the first time with index point increase of 20.11.
Seattle-Tacoma-Bellevue, Washington is also on the list with an increase of 18.93 points.
Among the 200 midsized markets, 162 increased month-to-month – down 16 from last month.
Additional highlights from the Homes.com Rebound Report:
Charlotte-Concord-Gastonia, North Carolina-South Carolina saw a rebound percentage of 104.41% and a MTM index point increase of 1.42.
Albany-Schenectady-Troy, New York fell out of recovery with a 0.85% drop in index value and went from 101.91% to 91.33% recovered.
67 midsize markets are now more than a 100% rebound bringing the total to 102 (34%) of the U.S. markets achieving a full recovery.
The two additional midsize markets added to the full rebound list are Tuscaloosa, Alabama and Albany, Georgia with rebound percentages of 100.65% and 110.57%, respectively.
Download all Local Market Reports, supporting documents and rebound percentages for February 2014.
Download the Homes.com Local Market Report tables and graphs.
To receive a comprehensive data file, including index values in every zip code within a local market, contact LocalMarketReports@Homes.com.
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