Homes.com’s Local Market Index and Rebound Report Shows Housing Recovery Moving Forward
Reports indicate steady, positive trends for the U.S. housing market, with 19 markets fully recovered
NORFOLK, Va. (July 24, 2013) – Homes.com, a leading online real estate destination and a division of Dominion Enterprises, has released its latest Local Market Index, a price performance summary of repeat sales of properties in the U.S. Utilizing home pricing data for the period ending May 2013, the index showed gains for single-family properties in 83 of the top 100 markets, down 17 markets from all 100 markets which improved in the previous month’s report. Month-to-month decreases were marginal, with the largest decrease by only 1.12 index points in Worchester, Mass. All 100 markets reported year-over-year gains, with three California markets in the top five (San Francisco, Los Angeles, and San Diego).
As a complement to the Local Market Index, Homes.com released an exclusive Rebound Report, highlighting how the housing recovery process is unfolding across the country. Rebound data for May 2013 revealed that 19 markets across the U.S. are fully recovered – up from the previous month’s 14 markets. Additionally, 39 U.S. markets now show a rebound of 50 percent or more.
“The findings of the latest Homes.com Rebound Report confirm the increased confidence and continuing recovery in the housing market,” said Brock MacLean, executive vice president of Homes.com. “With five new markets reaching a full recovery over the last month and modest gains in some of the already fully recovered markets, the overall rebound of the U.S. housing market continues to move forward.”
The newest Homes.com Local Market Index reports the following:
- Monthly increases in 83 of the top 100 markets, off from all 100 markets improving in April. Markets with decreases in index values were marginal, with the largest decrease only 1.12 index points in Worchester, Mass.
- New Orleans-Metairie-Kenner, La. showed the largest month-over-month improvement with an increase of 6.09 index points.
- Honolulu, Hawaii remains the top gaining market on a year-over-year basis.
- California markets [San Francisco-Oakland-Fremont, Calif.; Los Angeles-Long Beach-Santa Ana, Calif.; and San Diego-Carlsbad-San Marcos, Calif.] increased year over year by 21.05, 20.73 and 18.21 index points respectively.
- Seven of the top 10 monthly gaining markets are in the West, two are from the Northeast, and one is from the South.
Highlights from the Homes.com Rebound Report for the top 100 markets show:
- 19 have made more than a 100% rebound, indicating a complete recovery in these markets. This is up from 14 markets posting a full recovery in last month’s report and 9 in the prior month.
- 39 show more than a 50% rebound, up from 35 markets in the previous report.
- Eight of the top 10 markets are from Texas and Oklahoma, with five exceeding a 200% rebound.
- Two markets in Colorado exceeded a 100% rebound. Denver-Aurora-Broomfield and Colorado Springs, Colo. rebounded 119.97% and 109.82% respectively.
The Homes.com Local Market Index for May 2013 can be downloaded here.
The Homes.com Rebound Report for May 2013 can be downloaded here.
The rebound percentages for the top 100 markets in May 2013 values can be viewed here.
Various tables and graphs included in the report can be downloaded here.
To receive a comprehensive data file including index values in every zip code within a local market, contact LocalMarketReports@Homes.com.
The Local Market Index is calculated from sales data on the same homes over time, allowing a side-by-side comparison of the same property. This more accurately tracks the monthly growth and decline in home prices over a longer period of time. Each sales pair observed is grouped with all other sales pairs found within the area to create a highly localized, neighborhood-level index.
The Homes.com Rebound Report tracks how far each market has recovered from its peak-to-trough decline in index value attributable to the Great Recession, a recently marked global economic decline that correlated with the burst of the U.S. housing bubble. This report provides a useful way to understand how the housing recovery process is unfolding across the country.
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 and more, Homes.com features close to three million property listings and a user-friendly format, making finding your next home or a licensed real estate agent easily accessible. Visitors to the Homes.com blog will find a collection of rich content and posts on DIY projects, painting, gardening and more, providing the ultimate resource for everything home related. From purchasing a first home, to upgrading, downsizing and everything in between, Homes.com is an inspiring and engaging partner in every phase of the home buying process. For more information, visit http://www.homes.com or blog.homes.com.
Homes.com is a division of Dominion Enterprises, a leading marketing services and publishing company headquartered in Norfolk, Virginia. For more information, visit www.dominionenterprises.com.