Local Housing Market Gains
It’s that time again! The most recent Homes.com Local Market Index Reports are in and there’s a lot to discuss, so let’s get to it! There was a slight increase during February in the number of housing markets that have achieved a complete price recovery since our last report.
Six new markets can now say that the impact of the housing bust is a thing of the past, half coming from the top 100 metro areas and the other from the list of top midsize markets. The major metro areas include Salt Lake City, UT, Albany-Schenectady-Troy, NY, and Chattanooga, TN-GA, while Joplin, MO, Columbia, MO and Thomasville-Lexington, NC represented the top midsized markets. All six of these markets have now achieved rebound percentages exceeding 100 percent, so real estate professionals and homeowners in those areas should be on the lookout because property values should increase with the continued recovery!
The good news is that thirty-three percent of the U.S. housing market has now reached a full recovery! All 200 midsize local markets continued to show year-over-year gains for the eighth consecutive month, with 178 of these markets also increasing month to month.