The most recent Homes.com Rebound Report reveals new market performance data on the price impacts of the Great Recession and U.S. Housing Bubble. This month, 22 of the 100 markets measured showed more than a 100% rebound – up from 19 markets in the previous month’s report and further indicating progress in the recovery of home prices! Essentially, 44 markets posted a significant rebound of more than 50% – up from the 41 in last month’s report.
Many of the 22 markets that have completely rebounded never suffered the significant numbers of foreclosures and short sales that characterized the housing economy from 2007 to 2012. Seven of the top 20 rebound markets are benefiting from energy development: oil, gas, shale, or coal. As a result, these markets experienced a very different housing scenario, with lower peaks and higher troughs than other markets in the same region.
In addition to the rebound, home prices continue to climb in the latest Homes.com Local Market Index Report. According to the latest data, all 100 top U.S. markets increased in home prices both on a monthly and an annual basis!
Highly populated California markets (Los Angeles-Long Beach-Santa Ana, CA, San Diego-Carlsbad-San Marcos, CA, and San Francisco-Oakland-Fremont, CA) are among the top increasing markets year over year. Five additional smaller markets from California are also on this top list.
Rising home prices in California’s coastal areas (Los Angeles, San Diego, and San Francisco) could be “pushing buyers inland to more affordable Riverside and San Bernardino counties.”
Overall, price trends this month continued to show the momentum of progress for home prices in the U.S. Could now be the time buy or sell your home? For more information about the rebound in your local market area, read the complete Homes.com Rebound Report on all 100 markets.
