|[January 24, 2014]
Homes.com Local Market Index and Rebound Reports Show Continuing Recovery for Eighth Consecutive Month
NORFOLK, Va. --(Business Wire)--
Homes.com, a leading online real estate destination and a division of
Dominion Enterprises, has released its November 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.
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. Month-over-month increases in index values were seen in 235 of
the top 300 markets, down from 253 the previous month. This downtrend is
likely due to both seasonal trends and the state of recovery for these
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.
While the number of top 100 markets achieving a full recovery increased
by two from the previous month to 28, there is also noticeable
improvement in the number of midsize markets seeing full recovery. This
month, 59 of the top 200 midsize markets have fully recovered their loss
in home prices due to the housing bubble burst. These advancements bring
the total markets that have seen a full recovery to 87 (29%), up one
from the previous month's 86.
All of the 200 midsize local markets measured continued to show gains
year-over-year for the single-family index. On a monthly basis, Rocky
Mount, NC saw the largest gain, with a 3.05 index point jump. For the
sixth consecutive month, Anchorage, Alaska and Hilo, Hawaii continue to
be the top two performing markets on a year-over-year basis. Anchorage
takes the top spot, increasing by nearly 20 percent, followed by Hilo
with a more than 15 percent increase. The West continues to dominate the
midsize markets, with all 10 of the top 10 markets increasing on an
annual basis and with year-over-year index point gains. On a monthly
basis, the top 10 midsize markets are largely split between the southern
and western regions.
"This year will continue to bring good news, with numerous markets
providing opportunities for consumers to take advantage of improvements
as they consider buying and selling. Markets in the West and Heartland
areas continue to lead the pack, but encouraging signs in the Southeast
and Northeast prove the market is continuing the steady climb toward
recovery," said Brock MacLean, executive vice president of Homes.com.
"With the gains we continue to see in local markets year-to-date, we
should close out 2013 with year-over-year price gains nearing 2005
The latest Homes.com Local Market Index reports the following:
Year-over-year increases in all top 300 markets.
Monthly increases in 85 of the top 100 markets and in 150 of the 200
Honolulu, Hawaii remains the top gaining market on a year-over-year
basis, with a 28.23 index point or 12.62 percent increase.
California markets [Los Angeles-Long Beach-Santa Ana, Calif.; San
Diego-Carlsbad-San Marcos, Calif., San Francisco-Oakland-Fremont,
Calif.; Bakersfield-Delano, Calif.] arethe remaining 4 in
the top 5. Year-over-year, they increased 28.22, 26.68, 25.58 and
21.83 index points, respectively.
Of the top 10 yearly gaining markets in the top 100 markets, eight are
in the West.
Highlights from the Homes.com Rebound Report for the top 300 markets
87 have made a 100 percent rebound, indicating a complete recovery in
these markets. This is an increase from 84 markets in the previous
Midsize markets lead the pack in areas that are recovering. Out of the
87 markets achieving more than 100 percent rebound this month, 59 are
The three newest markets to achieve a full rebound are Greensboro-High
Point, NC, Ogden-Clearfield (News - Alert), UT, and Peoria, IL.
Of the remaining non-recovered markets, 161 (54%) show more than a 50
percent rebound, up from 158 (52%) markets in the previous month.
92 percent (80) of the 87 fully rebounded markets reported
month-over-month gains. The average month-over-month increase for all
recovered markets was 1.67 percent, compared to a 2 percent gain in
non-recovered markets. This illustrates the leveling of home prices in
22 markets were not affected by the boom-bust scenario of the U.S.
housing bubble. These markets did not experience the same
peak-to-trough decline displayed by the remaining 278 markets. All of
these markets are midsize markets, with half from the state of Texas
and 73 percent from energy-producing areas. They include:
Brownsville-Harlingen, Texas; Killeen-Temple-Fort Hood, Texas;
Shreveport-Bossier City, La.; Anchorage, Alaska; Fayetteville, N.C.;
Charleston, W.Va.; Lubbock, Texas; Cedar Rapids, Iowa; Amarillo,
Texas; Waco, Texas; College Station-Bryan, Texas; Longview, Texas;
Tyler, Texas; Fargo, N.D.-Minn.; Jacksonville, N.C.; Monroe, La.;
Waterloo-Cedar Falls, Iowa; Abilene, Texas; Iowa City, Iowa; Wichita
Falls, Texas; Sioux City, Iowa-Neb.-S.D.; and Midland, Texas.
The Homes.com Local Market Index (Top 100) for November 2013 can be
The Homes.com Local Market Index Midsize Markets Report can be
The Homes.com Rebound Report for November 2013 can be downloaded here.
The rebound percentages for the top 300 markets in November 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
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
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