Homes.com Releases the ‘Rebound Report,’
Indicating Substantial Housing Market Recovery
The ‘Homes.com Rebound Report’ indicates that almost a third of the top U.S. markets are more than halfway recovered
Norfolk, Va. (May 30, 2013) – Homes.com, leading online real estate destination site, has launched the “Homes.com Rebound Report,” a new housing study with detailed insight on the housing market recovery in the top 100 U.S. markets. The report provides a deeper analysis of housing data from the Homes.com Local Market Index by measuring how far each of the top 100 markets has rebounded from its deepest decline in index value. The inaugural report highlights nine of the top 100 measured markets that have completely rebounded to their peak price levels prior to the housing bubble, with some markets increasing as much as 200 percent of the decline amount.
“The ‘Homes.com Rebound Report’ uncovers how the housing recovery process is unfolding across the country. It measures how far each market has recovered from its greatest drop in index value,” said Brock MacLean, executive vice president of Homes.com. “A similar boom-bust scenario played out across virtually every market in the country during the 2000s, and today they are all in some stage of recovery. The report sheds light on how certain regions of the country have recovered, while others are still struggling to find their way back to prosperity.”
In most U.S. markets, the housing boom of the early 2000s was quickly followed by a housing bust that, along with other global factors, led to the Great Recession which began in late 2007. The rebound percentage uses data back to 2000 but focuses on the period from 2005 forward, identifying peaks and troughs to isolate the impacts of this decline. The “Homes.com Rebound Report” highlights the top 10 and bottom 10 markets for March 2013 based on their percentage of rebound.
Real estate markets seeing the greatest recovery are located in the South and Southwest, including:
- Texas has seen complete recovery in six markets, with three exceeding a 200 percent recovery.
- Oklahoma City and Tulsa, Okla. have fully recovered to 192.86 and 173.21 percent respectively.
- Little Rock, Ark. has fully recovered to 106.93 percent.
- Baton Rouge, La. is almost completely recovered now, with a 99.86 percent recovery which grew from the 95 percent it showed last month.
Not surprisingly, many of the bottom 10 markets suffered the most during the recession and are recovering slowly, including:
- The Northeast markets of Providence, New Bedford – Fall River, R.I. – Mass., and New Haven-Milford, Conn. are at the very bottom with 5.25 and 6.27 percent respectively.
- Coming in at less than 10 percent recovery are Las Vegas, Nev., New York, N.Y., Lakeland, Fla., Orlando, Fla., Poughkeepsie, N.Y., Modesto, Calif. and Stockton, Calif.
- Rounding out the bottom 10 is Bridgeport-Stamford-Norwalk, Conn. with a 10.04 percent recovery.
The “Homes.com Rebound Report” summary can be viewed here.
Various tables and graphs included in the report can be downloaded here.
The rebound percentages for the top 100 markets in March 2013 values can be viewed here.
As one of the nation’s top online real estate destinations, Homes.com inspires consumers to dream big. From affordable houses to luxurious estates, apartments, condos and more, Homes.com features more than four million property listings for sale and rent in a user-friendly format, making finding your next home easily accessible. Visitors to the Homes.com blog will find a collection of rich content and posts on DIY projects, decorating, organization and more, providing the ultimate resource for everything home related. From purchasing a first home, to upgrading, downsizing, renting and everything in between, Homes.com is an inspiring and engaging partner in every phase of the home buying and rental journey.