By August, 51 of the top 100 markets had made a complete price recovery—one more than the prior month. Additionally, 117 of 200 midsize markets had seen a complete price recovery—one more than in July.
The number of markets declining on a 3-month average basis decreased to 10 of the top 100 in August compared to 16 for the prior month. Measured year-over-year, all 100 markets are still positive by a healthy margin.
“Strong sales and appreciating prices in many markets continue to fuel a period of significant progress in the housing recovery across the country. Millions of homeowners in the 168 fully recovered markets, along with the remaining markets that are still below peak prices, have seen their equity increase significantly, restoring strength to the economy and financial security to families,” says David Mele, president of Homes.com.
Southern Markets Lead Recovery; West Remains Dominant in Annual Gains
Virginia Beach-Norfolk-Newport News, Va.-N.C. was the newest addition to the top 100 recovered markets, and Bremerton-Silverdale, Wash. was the latest midsize market to rebound (100.04 percent).
Of the top 100 markets, the markets with minimal price declines have rebounded with an average of 109 percent. Of the moderate price decline markets, the average rebound is 102 percent of the prior peak price. Of the severe price decline markets, the average rebound is 84 percent.
The South continued to dominate with 23 markets fully recovered, while the Midwest came in second with 11 markets recovered as of August.
National Summary—Western Markets Lead Price Gains
Boise City, Idaho had the highest annual percentage growth in August for the second month in a row, with prices 8.04 percent higher than the same month last year. San Francisco-Oakland-Hayward, Calif. moved into second place with annual growth of 7.74 percent. All ten of the fastest growing markets were located in the West—up from nine the previous month. In the West, California remained well represented with five of the top ten markets—one more than in July.
The Augusta-Richmond County, GA-SC market posted the largest 3-month average gain in August at 0.62 percent. It was one of four markets in the South to make the top ten for 3-month average gains. The others were Lakeland-Winter Haven, Fla.; North Port-Sarasota-Bradenton, Fla.; and Raleigh, N.C.
From a regional perspective, the South recorded the largest 3-month average gain of 0.62 percent, followed by the West at 0.58 percent. The worst performing market in August was also located in the South at -0.14 percent.
Western markets continued to lead the recovery among top 100 markets. Dallas-Fort Worth-Arlington, Texas (115.58 percent rebound); Denver-Aurora-Lakewood, Colo. (113.63 percent); Austin-Round Rock, Texas (113.51 percent); Houston-The Woodlands-Sugar Land, Texas (113.06 percent); San Antonio-New Braunfels, Texas (112.91 percent); Oklahoma City, Okla. (112.78 percent); Tulsa, Okla. (112.75 percent); Urban Honolulu, Hi. (112.41 percent); McAllen-Edinburg-Mission, Texas. (111.95 percent); and New Orleans-Metairie, La. (111.50 percent).
Large markets trailing the national rebound are located in markets that suffered large numbers of foreclosures and price declines during the housing crash. The bottom ten large markets by rebound percentage were Miami-Fort Lauderdale-West Palm Beach, Fla. (76.66 percent); Fresno, Calif. (76.64 percent); Lakeland-Winter Haven, Fla. (74.22 percent); North Port-Sarasota-Bradenton, Fla. (74.17 percent); Orlando-Kissimmee-Sanford, Fla. (73.48 percent); Deltona-Daytona Beach-Ormond Beach, Fla. (72.56 percent); Palm Bay-Melbourne-Titusville, Fla. (71.90 percent); Cape Coral-Fort Myers, Fla. (71.49 percent); Stockton-Lodi, Calif. (71.03 percent); and Las Vegas-Henderson-Paradise, Nev. (68.77 percent).
On a year-over-year basis, the West also dominated. The top five large markets were Boise City, Idaho; San Francisco-Oakland-Hayward, Calif,; Denver-Aurora-Lakewood, Colo.; Portland-Vancouver-Hillsboro, Ore-Wash.; San Jose-Sunnyvale-Santa Clara, Calif.; and Riverside-San Bernardino-Ontario, Calif.
Top performing markets by region were Richmond, Va. (East); Stockton-Lodi, Calif. (West); Grand Rapids-Wyoming, Mi. (Midwest); and Augusta-Richmond County, Ga.-S.C. (South).
For more information, visit connect.homes.com.
