Homes.com’s Local Market Index and Rebound Reports Show U.S. Housing Market Continuing on Road to Recovery
98% of top 300 markets report monthly increases in price index
NORFOLK, Va. (September 23, 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 on repeat sales of properties in the U.S. Utilizing home pricing data for the period ending July 2013, the Index showed gains for single-family properties in all 100 markets, up from 87 in the previous reporting period.
The Homes.com Local Market Index has been expanded to include midsized markets ranked from 101-300. It provides a closer look at smaller markets nationwide, showing increases in 293 of the top 300 markets, up from 250 the previous month. Year over year, all midsized markets increased.
As a complement to the Local Market Index, Homes.com publishes an exclusive Rebound Report, highlighting how the housing recovery process is unfolding across the country. Rebound data for July 2013 in the top 100 markets revealed that 22 markets across the U.S. are fully recovered – up from the previous month’s 19 markets. Additionally, 44 U.S. markets now show a rebound of 50 percent or more, up from 41 in last month’s report.
“Homes.com’s Rebound Report provides a deeper view into the 22 fully rebounded markets. Many never experienced the dramatic swings in home values that were a result of foreclosures and short sales that plagued many markets across the nation,” said Brock MacLean, executive vice president of Homes.com. “By contrast, most of the markets with the lowest rebound have experienced more dramatic changes in values as a result of foreclosures and short sales and will have a slower path to recovery.”
The latest Homes.com Local Market Index reports the following:
- Monthly increases in all 100 of the top 100 markets and in 193 of the 200 midsized markets.
- Honolulu, Hawaii remains the top gaining market on a year-over-year basis with a 29.17 index point or 13.51% increase.
- California markets [Los Angeles-Long Beach-Santa Ana, Calif.; San Diego-Carlsbad-San Marcos, Calif., San Francisco-Oakland-Fremont, Calif.; Oxnard-Thousand Oaks-Ventura, Calif.] are the remaining 4 in top 5 and increased 25.26, 24.60, 24.19 and 20.16 index points respectively.
- Six of the top 10 monthly gaining markets are in the West (up from two in the previous month), followed by four from the South.
Highlights from the Homes.com Rebound Report for the top 100 markets show:
- 22 have made more than a 100% rebound, indicating a complete recovery in these markets. This is up from 19 markets posting a full recovery in last month’s report.
- The three newest markets to achieve a full rebound are Des Moines-West Des Moines, Iowa; New Orleans-Metairie-Kenner, La.; and Greenville-Mauldin-Easley, S.C.
- 44 show more than a 50% rebound, up from 41 markets in the previous report.
- Seven of the top 10 markets have exceeded a 200% rebound.
The Homes.com Local Market Index (Top 100) for July 2013 can be downloaded here.
The Homes.com Local Market Index Midsized Markets Report can be downloaded here.
The Homes.com Rebound Report for July 2013 can be downloaded here.
The rebound percentages for the top 100 markets in July 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 bursting 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, rentals 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.
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.