Homes.com, a leading online real estate destination and complete lifestyle resource, recently released the Homes.com Local Market Index, a new summary of price performance on repeat sales properties in the U.S. Utilizing home pricing data for the period ending March 2013, the index showed 96 out of 100 markets for single-family properties advancing on a monthly basis.
The most recent Local Market Index shows monthly increases in 96 out of the top 100 markets, a sizable improvement from the 75 out of 100 that gained in February and a significant indicator of a nationwide rebound. The Honolulu, Hawaii market again posted the largest monthly increase in March, climbing 2.40 index points from February. The second fastest growing market in March was Virginia Beach-Norfolk-Newport News, Va.-N.C. with a gain of 2.23 points. On a year-to-year basis, Honolulu, Hawaii had the largest gain at 22.55 index points; the next closest market was Phoenix-Mesa-Glendale, Ariz. with a gain of 18.18. Those two markets also had the largest year-to-year gain last month.
Monthly declines in markets were very nominal, with the largest decrease being a -0.45 index point in the Scranton-Wilkes-Barre, Pa. local market. Year to year, Jackson, Miss. fell the farthest at -1.35, followed by Memphis, Tenn.-Miss.-Ark. At -1.21.
Overall, the top gaining markets this month were evenly spread across all regions except the Midwest. By contrast, a majority of the worst performing markets were concentrated in the Northeast, with only one in the Midwest.
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