The housing recovery is looking increasingly well-established as it has entered its eighth consecutive month. A report in RisMedia.com focuses on data collated by Homes.com as they recently released the Local Market Index for November.
This particular index is a summary of repeat sales of property in the US and shows year on year gains for single-family homes in all of the top 300 real estate markets in the country. The index gives insight into local housing trends as Homes.com publishes the index of the Top 100 markets, as well as a Midsize Markets Report that focuses on the areas ranked between 101 and 300. The index values show month on month increases in 235 out of the top 300 markets, a slight decline compared to the previous month when this figure reached 253. It’s likely this slight drop is due to a combination of the state of recovery in these particular markets and seasonal trends.
In addition to the Local Market Index the company also publishes a Rebound Report. This makes interesting reading as it shows how the housing recovery is progressing throughout the country through measuring the peak to trough decline in index values in each particular market. The number of top 100 markets that have now achieved full recovery increased to 28 compared to 26 the previous month, but the number of midsize markets enjoying full recovery is also improving considerably. This report shows 59 out of the top 200 midsize markets have now recovered values lost due to the housing crisis. This means the total market recovery has now reached 29%.
Every one of the 200 midsize local markets included in this index continued to show increases year on year for single family homes. The largest gain was seen in Rocky Mount, N.C., while Hilo in Hawaii, and Anchorage in Alaska have now been the top two performing markets for six consecutive months. Values in Anchorage have increased by nearly 20%, while values in Hilo have increased by over 15%. The top ten markets in the West all saw values increase year on year, while monthly values for the top ten mid-sized markets are split between regions in the West and the South.
It is expected that 2014 will continue to show improvements, particularly in the West, but there are signs that markets in the Northeast and Southeast are beginning to recover more strongly. Homes.com anticipates that figures for the end of 2013 should see year on year price gains nearing those seen in 2005.