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Recovery Hits Eighth Consecutive Month

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The latest Homes.com Local Market Index reports the following:

• Year-over-year increases in all top 300 markets.
• Monthly increases in 85 of the top 100 markets and in 150 of the 200 midsized markets.
• Honolulu, Hawaii remains the top gaining market on a year-over-year basis, with a 28.23 index point or 12.62 percent increase.
• California markets [Los Angeles-Long Beach-Santa Ana, Calif.; San Diego-Carlsbad-San Marcos, Calif., San Francisco-Oakland-Fremont, Calif.; Bakersfield-Delano, Calif.] are the remaining 4 in the top 5. Year-over-year, they increased 28.22, 26.68, 25.58 and 21.83 index points, respectively.
• Of the top 10 yearly gaining markets in the top 100 markets, eight are in the west.

Highlights from the Homes.com Rebound Report for the top 300 markets show:

• 87 have made a 100 percent rebound, indicating a complete recovery in these markets. This is an increase from 84 markets in the previous reporting period.
• Midsize markets lead the pack in areas that are recovering; out of the 87 markets to achieve more than 100 percent rebound this month, 59 are midsize.
• The three newest markets to achieve a full rebound are Greensboro-High Point, NC, Ogden-Clearfield, UT, and Peoria, IL.
• Of the remaining non-recovered markets, 161 (54%) show more than a 50 percent rebound, up from 158 (52%) markets in the previous month.
• 92 percent (80) of the 87 fully rebounded markets reported month-over-month gains. Average month over month increases for all recovered markets was 1.67 percent, compared to a 2 percent gain in non-recovered markets. This illustrates the leveling of home prices in recovered markets.
• 22 markets were not affected by the boom-bust scenario of the U.S. housing bubble.

These markets did not experience the same peak-to-trough decline displayed by the remaining 278 markets. All of these markets are midsize markets, with half from the state of Texas and 73 percent from energy-producing areas. They include: Brownsville-Harlingen, Texas; Killeen-Temple-Fort Hood, Texas; Shreveport-Bossier City, La.; Anchorage, Alaska; Fayetteville, N.C.; Charleston, W.Va.; Lubbock, Texas; Cedar Rapids, Iowa; Amarillo, Texas; Waco, Texas; College Station-Bryan, Texas; Longview, Texas; Tyler, Texas; Fargo, N.D.-Minn.; Jacksonville, N.C.; Monroe, La.; Waterloo-Cedar Falls, Iowa; Abilene, Texas; Iowa City, Iowa; Wichita Falls, Texas; Sioux City, Iowa-Neb.-S.D.; and Midland, Texas.

Resources:
The Homes.com Local Market Index (Top 100) for November 2013 can be downloaded here.

The Homes.com Local Market Index Midsize Markets Report can be downloaded here.

The Homes.com Rebound Report for November 2013 can be downloaded here.

The rebound percentages for the top 300 markets in November 2013 values can be viewed here.

Various tables and graphs included in the report can be downloaded here.

To receive a comprehensive data file including index values in every zip code within a local market, contact LocalMarketReports@Homes.com.

For more information, visit http://www.homes.com or blog.homes.com.

 

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