Homes.com’s Local Market Reports for March’s reporting period reveals 35 out of the top 100 markets measured continued to show a complete price recovery – up three from February. A rebound of 100% or more means pricing for the market has surpassed its prior peak and reached full recovery. The three newest markets to achieve a full rebound are Charlotte-Concord-Gastonia, NC-SC; Spokane-Spokane Valley, WA; and Madison, WI. They saw rebound percentages of 104.41%, 103.02% and 102.06%, respectively. Additionally, the Midsized Markets Report for smaller markets (population rank from 101 to 300) reports 67 markets have rebounded more than 100%, with the addition of two markets: Tuscaloosa, AL and Albany, GA. They saw rebound percentages of 100.65% and 110.57%, respectively. This brings the total to 102 (34%) of the U.S. markets achieving a full recovery.*
The nation’s 100 largest markets saw an 8.30% annual increase in estimated home values with the lowest increases still recording over a 3% increase in home values. In March, the southern region saw the greatest month-over-month index point momentum with three Florida markets listed in the top 10. Urban Honolulu, HI was the top performer again with a 2.95 index point gain followed by Richmond, VA with a monthly increase of 2.57 index points. The three Florida markets, Lakeland-Winter Haven, Jacksonville and Daytona Beach, saw solid index point gains with all increasing by nearly 2 points. The West region dominates the top increasing markets on an annual basis with all markets seeing index point increases. Six of the top 10 markets were in California with the others generally located in the Washington State area. San Diego-Carlsbad and Los Angeles-Long Beach-Anaheim were the top areas in California, both having annual changes in the index of more than 25 points. The Northwest markets of Spokane, Seattle and Portland all saw healthy annual gains.
In March, the number of midsize markets posting monthly index point gains fell to 162 from February’s 178. For the second consecutive month, the largest gain was in Hilo, HI with a 4.13 index point jump. The largest decrease was in Portland-South Portland, ME with a decline of 4.33 index points. The Top 10 year-over-year market leaders were located in the Western region of the U.S. Charlottesville, VA, who saw a YOY index point gain of 21.30, was again the lone southern region representative in the Top 10.
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* As a result of updates from the United States Census to the Core Based Statistical Area (CBSA) calculations, the Homes.com Local Market Index has been updated, and four new rebounded markets were added to the Midsized Markets report: Rapid City, SD; Elizabethtown-Fort Knox, KY; Bowling Green, , KY; and Idaho Falls, ID. Additionally, three fully rebounded markets have been removed due to merging with larger CBSAs. These markets are: Anderson, SC; Statesville-Mooresville, NC; and Thomasville-Lexington, NC. Parkersburg-Vienna, WV also fell out of the top 300 markets classification and Albany-Schenectady-Troy, NY fell out of rebound in March. All fully rebounded in previous reporting periods are reflected in the count of rebounded markets.
