Beginning with June data, the Homes.com Local Market Index expanded to include 300 total markets in the U.S. revealing that 250 U.S. markets gain in home prices month to month! Additionally, the local market index showed that all 300 markets increased year over year. What does this mean for the U.S. housing market?
The expansion of the local market index includes 200 additional Midsize Markets in the U.S., ranked 101 to 300 in population according to the U.S. Census Bureau. In June, 250 total local markets advanced month to month, which represents over eighty percent of the total markets measured.
According to Brock MacLean, Executive Vice President of Homes.com, “the addition of the midsize market report provides an even broader look at the growing confidence in the housing market nationwide.” “Adding to that momentum, all of the top 300 markets recorded gains year over year, illustrating the recovery continues to progress around the country.”
Out of the top 100, the market with the highest year-over-year change continues to be Honolulu, HI with a whopping 23.67 index point increase! This is followed by three major California markets – Los Angeles-Long Beach-Santa Ana, CA, San Francisco-Oakland-Fremont, CA, and San Diego-Carlsbad-San Marcos, CA, which increased 21.43, 20.52, and 19.44 index points respectively.
Additional California markets, San Luis Obispo-Paso Robles, CA and Santa Barbara-Santa Maria-Goleta, CA top the list of highest increasing midsize markets month to month and year over year, illustrating that the gain in home prices is strong in the West.
As a complement to the local market index, the recent Homes.com Rebound Report for the top 100 markets reveals 3 new markets that achieved full recovery of their home prices attributable to the housing bubble. Indianapolis-Carmel, IN, Raleigh-Cary, NC, and Syracuse, NY are the newest markets to join the list of full recovery markets in the U.S. with more than 100% rebound.
In general, the U.S. housing recovery continues and a majority of the local markets are showing strong and steady price gains. Is now the time to sell your home? Visit Homes.com for home values and more information in your area.