Homes.com Reports: Six New Markets Achieve Full Recovery, Northeast Sees Improvement
April 24 2014 - 6:00AM
Business Wire
Reports indicate continued nationwide recovery
with California
Homes.com, leading online real estate destination, has released
its February Local Market Index, a price performance summary of
repeat sales of U.S. properties. Utilizing home pricing data, the
Index shows year-over-year gains for single-family properties in
all 300 top U.S. markets. Among the nation’s top 100 largest
markets, three reached full price recovery in February, including
Salt Lake City, UT, Albany, NY and Chattanooga, TN.
Similar to January, February is traditionally a slower sales
month, yet home values for all 300 markets tracked gains on a
monthly basis. Of the top 100 markets, 93 have increased, up ten
from the previous month’s 83. Though brutal, winter had little
effect on monthly price appreciation, with eight of the top ten
single-family markets in the Northeast. For the ninth month in a
row, California dominated the top 10 list with seven of the top 10
annual gaining markets. Los Angeles leads price recovery in
California, with home values gaining more than 25 percent in value
over the past year.
Among the nation’s top 100 largest markets, three reached full
recovery during February, including Salt Lake City, UT,
Albany-Schenectady-Troy, NY and Chattanooga, TN. More than one
third of the 300 markets tracked by the Homes.com Rebound Report
have now achieved full pricing recovery. Price appreciation in
large and midsized markets during February brought the total number
of markets that have rebounded to 98. Among midsized markets, 66 of
the 200 markets are now considered fully recovered, which is up
three from January reports. These additional markets include
Joplin, MO, Columbia, MO and Thomasville-Lexington, NC.
Additional highlights from the Homes.com Local Market Index
reports include:
- Year-over-year increases in all top 300
markets.
- Monthly increases in 93 of the top 100
markets and in 178 of the 200 midsize markets.
- Seven of the top ten gainers on a
year-over-year basis were California markets, led by Los Angeles,
whose median price has gained 25.84 percent in value over the past
12 months.
- Among the 200 midsized markets, 178
increased month-to-month – up 13 from last month.
- Top markets in both the Midwest and
South consolidated modest gains in February. As sales pick up with
warmer weather, prices should revive as well.
Additional highlights from the Homes.com Rebound Report:
- 98 markets have made a 100 percent
rebound, indicating a complete recovery. This is an increase from
92 markets in the previous reporting period.
- More than one third of the 300 markets
tracked by Homes.com have now achieved full pricing recovery.
- Price appreciation in large and
midsized markets during February brought the total of markets that
have rebounded to 98, or 34% of the total.
- Nearly two thirds (64%) of the Top 300
markets have rebounded more than 50% from the lowest price point
since the housing crash in 2007.
- Top ten rebounding markets in February
were: San Antonio-New Braunfels, TX (375.05%);
Houston-Sugarland-Baytown, TX (355.64%); Dallas-Fort
Worth-Arlington, TX (353.08%); Austin-Round Rock-San Marcos, TX
(348.24%); Oklahoma City, OK (337.73%); Tulsa, OK (312.48%)
McAllen-Edinburg-Mission, TX (301.11%); Pittsburgh, PA (239.54%);
El Paso, TX (222.63%); and Baton Rouge, LA (200.76%).
- The bottom ten rebounding markets are:
Providence-New Bedford-Fall River, RI-MA (16.79%); Lakeland-Winter
Haven, FL (19.21%); Cape Coral-Fort Myers, FL (19.63%); Las
Vegas-Paradise, NV (20.04%); Orlando-Kissimmee-Sanford, FL
(20.14%); Palm Bay-Melbourne-Titusville, FL (20.23%); Modesto, CA
(20.37%); Stockton, CA (21.04%); North Port-Bradenton-Sarasota, FL
(22.82%); and Jacksonville, FL (24.84%).
“February’s rebound progress illustrates how home prices in most
markets across the country are appreciating, even in the depths of
winter,” said Brock MacLean, executive vice president of Homes.com.
“This is unusual given harsh weather conditions in most markets,
but a positive sign as we enter peak season. Newly rebounded
markets have restored to homeowners the equity lost during the
decline of the Great Recession, providing hope to many that they
can sell or refinance as the market continues to stabilize.”
To provide insight into local sector housing trends across the
country, Homes.com publishes the Local Market Index for the Top 100
markets and the companion Midsize Markets Report for defined areas
ranked from 101-300.
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. It measures each market’s
peak-to-trough decline in index value, which had been attributed to
the bursting of the U.S. housing bubble.
Resources:
Download all Local Market Reports, supporting documents and
rebound percentages for February 2014.
Download the Homes.com Local Market Report tables and
graphs.
Learn more about the methodology used to create Homes.com’s
Local Market Index and other frequently asked questions.
To receive a comprehensive data file, including index values in
every zip code within a local market, contact
LocalMarketReports@Homes.com.
About Homes.com
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The Zimmerman AgencyIvette Faulkner/Sydney Weaver-Bey,
850-668-2222IFAULKNER@ZIMMERMAN.COMSWEAVERBEY@ZIMMERMAN.COM