Homes.com’s Local Market Index Expands to Include Midsized Markets for Broader Housing Recovery Analysis
Reports show advancement of home prices in 250 of the top 300 U.S. markets
NORFOLK, Va. (August 26, 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 June 2013, the Index showed gains for single-family properties in 87 of the top 100 markets, a slight drop from 95 in the previous reporting period.
Starting with June 2013 housing data, the Homes.com Local Market Index has expanded to include midsized markets ranked from 101-300, providing a closer look at smaller markets nationwide. The Index showed increases in 250 of the top 300 markets, off from 259 the previous month. Year over year, all midsized markets increased.
“The addition of the Midsized Markets report provides an even broader look at the growing confidence in the housing market nationwide. Home prices continue to post the strongest gains in seven years, with 250 of the top 300 markets showing gains month over month,” said Brock MacLean, executive vice president of Homes.com. “Adding to that momentum, all of the top 300 markets recorded gains year over year, illustrating the recovery continues to progress around the country.”
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 June 2013 in the top 100 markets revealed that 19 markets across the U.S. are fully recovered – up from the previous month’s 16 markets. Additionally, 41 U.S. markets now show a rebound of 50 percent or more, up from 38 in last month’s report.
The latest Homes.com Local Market Index reports the following:
- Monthly increases in 87 of the top 100 markets and in 163 of the 200 midsized markets.
- Honolulu, Hawaii remains the top gaining market on a year-over-year basis with a 23.67 index point increase.
- California markets [Los Angeles-Long Beach-Santa Ana, Calif.; San Francisco-Oakland-Fremont, Calif.; and San Diego-Carlsbad-San Marcos, Calif.] are among the top 5 and increased 21.43, 20.52, and 19.44 index points respectively.
- Six of the top 10 monthly gaining markets are in the South, two from the Northeast, and two are from the West.
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 16 markets posting a full recovery in last month’s report.
- The three newest markets to achieve a full rebound are Indianapolis-Carmel, Ind., Raleigh-Cary, N.C., and Syracuse N.Y.
- 41 show more than a 50% rebound, up from 38 markets in the previous report.
- Six of the top 10 markets are from Texas, with five exceeding a 200% rebound.
The Homes.com Local Market Index (Top 100) for June 2013 can be downloaded here.
The Homes.com Local Market Index Midsized Markets Report can be downloaded here.
The Homes.com Rebound Report for June 2013 can be downloaded here.
The rebound percentages for the top 100 markets in June 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.
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