Homes.com’s Local Market Index and Rebound Reports Show U.S. Housing Market Continuing Steady Recovery
All top 100 markets improve, indicating a positive trend for the U.S. housing market
NORFOLK, Va. (June 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 on repeat sales of properties in the U.S. Utilizing home pricing data for the period ending April 2013, the index showed gains for single-family properties in all top 100 markets for the first time, improving from 96 and 91 markets in the two previous reporting periods.
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 April 2013 revealed that 14 markets across the U.S. are fully recovered – up from the previous month’s nine markets. Additionally, 35 U.S. markets now show a rebound of 50 percent or more.
“The latest round of report findings supports a growing confidence in the housing market. With home prices posting the strongest gains in seven years, the Rebound Report is another indicator of a positive turn. In one month alone, we have seen five new markets reach recovery,” said Brock MacLean, executive vice president of Homes.com. “Adding to that momentum, all top 100 markets recorded gains for the first time, indicating the recovery continues to build across the country.”
The newest Homes.com Local Market Index reports the following:
- Monthly increases in all of the top 100 markets, a sizable improvement from the 75 out of 100 that gained in February.
- Honolulu, Hawaii HI remains the top gaining market on a year-over-year basis.
- California markets [Los Angeles-Long Beach-Santa Ana, Calif.; San Francisco-Oakland-Fremont, Calif.; and San Diego-Carlsbad-San Marcos, Calif.] increased 18.85, 18.47, and 15.46 index points respectively.
- Six of the top 10 monthly gaining markets are in the West, two are from the South, and the Northeast and Midwest each had one.
Highlights from the Homes.com Rebound Report for the top 100 markets show:
- 14 have made more than a 100% rebound, indicating a complete recovery in these markets. This is up from 9 markets posting a full recovery in last month’s report.
- 35 show more than a 50% rebound, up from 28 markets in the previous report.
- Six of the top 10 markets are from Texas, with four exceeding a 200% rebound.
- Tulsa, Okla. comes in at a 179.03% recovery, with a modest increase of a 0.33 index point in the Homes.com Local Market Index for month over month, indicating healthy gains are occurring in this market.
The Homes.com Local Market Index for April 2013 can be downloaded here.
The Homes.com Rebound Report for April 2013 can be downloaded here.
The rebound percentages for the top 100 markets in April 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 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.
For more information, visit http://www.homes.com or blog.homes.com.