The February Homes.com Local Market Reports for the top 100 markets reveals 32 out of the top 100 markets measured continued to show a complete price recovery – up three from January. The three newest markets to achieve a full rebound are Salt Lake City, UT, Albany-Schenectady-Troy, NY, and Chattanooga, TN-GA. They saw rebound percentages of 102.08%, 101.91% and 100.64%, respectively. Additionally, the Homes.com Local Market Reports for midsized markets (CBSAs with a population rank from 101 to 300) report 66 markets have rebounded more than 100%, up three from last month with the additions of Joplin, MO, Columbia, MO and Thomasville-Lexington, NC, who saw rebound percentages of 110.60%, 107.06%, and 102.24%, respectively. This brings the total to 98, or 33% of the U.S. markets achieving a full recovery.
For the eleventh consecutive month, all of the top 100 local markets measured continued to show gains year over year for single-family properties, per the Homes.com Local Market Index. Ninety-three markets witnessed month-to-month gains, up ten markets from the 83 that gained in last month’s report. Of the top 100 markets, 9 of the Top 10 Markets that saw the highest year-over-year index point change are still in the West. However, from a month-to-month standpoint, the top 10 markets consisted of metro areas in the Northeast and West. Buffalo-Niagara Falls, NY was number 1 on the top 10 MTM list with an index point increase of 2.34. The only markets from the West on the top 10 MTM list are Honolulu, HI and San-Diego-Carlsbad-San Marcos, CA, which have index point increases of 2.31 and 2.09, respectively. They are also the only markets to appear on both the top 10 MTM and YOY list.
All 200 Midsize local markets measured continued to show gains year over year for the single-family index for the eighth consecutive month. 178 of these markets increased month-to-month – up 13 from last month. Anchorage, AK and Hilo, HI continue to be the top two increasing midsize markets on a year-over-year basis. Anchorage takes the top spot, increasing by 30.22 index points, followed by Hilo with a 29.78 index point increase.
Could now be the time to buy or sell your home? Get more information about home value trends in your area in the Homes.com Local Market reports or check home values in your local area.
Amazon.com Best-selling author, Shashank Shekhar (NMLS 8176) is a mortgage lender with Arcus Lending, offering loans for home purchase and refinance. Shashank has been featured as a mortgage expert on Yahoo! News, ABC, CBS, NBC and FOX. He has been named "Top 40 under 40" most influential mortgage professionals in the country.
