Northeast Dominates Monthly Price Increases, According to Homes.com Reports

Northeast posts improvements while West continues dominance in yearly price performance

Business Wire

NORFOLK, Va.--(BUSINESS WIRE)--

Homes.com, leading online real estate destination, has released its April Local Market Index, a price performance summary of repeat sales in the top 100 markets, and the companion Midsize Markets Report for defined areas ranked from 101-300. Utilizing home pricing data, the Index shows year-over-year gains for single-family properties in all 300 top U.S. markets. Among the nation’s top 100 largest markets, 96 local markets have increased month to month, up 17 from the previous month’s report.

The Northeast steamrolled the nation, capturing the majority of the 17 increasing markets on a monthly basis, rebounding from severe winter weather in previous months. In contrast to last month’s report which indicated signs of slowing for the Northeast, this month, the area saw the largest monthly increase in both the Local Market Index and Midsize Market Report. The Northeast dominated, as eight markets in the top 100 and nine midsized markets were both on the top 10 monthly list.

The West continued to lead in the top 10 yearly gaining markets, representing nine of the top 10 markets. For the eleventh month in a row, California captured six of the top ten annual gaining spots, with San Diego remaining in the lead with an increase of nearly 16 percent. Previously a leading performer, the South saw prices decrease on a monthly basis, with the lowest performing market month to month being Jackson, Mississippi, which saw a 0.54 point decrease from March.

Midsized markets led the nation in not only price increases, but also in steady progress toward price rebound. Measured yearly, the bottom 200 markets posted higher index readings for the tenth month in a row with Anchorage, Alaska and Hilo, Hawaii holding the top two spots. Of the 105 total markets that have achieved complete rebound, 68 are midsized. More than 180 of the 200 midsized markets tracked by Homes.com gained in price value from March to April, 21 more than the 162 markets that gained in March. Dominating the monthly gaining markets, the Northeast saw a sales volume of 9.1 percent, the largest in the U.S. for the past year.

This month, two new markets have reached full rebound: Knoxville, Tennessee and Albany-Schenectady-Troy, New York, posting 102.4 percent and 102.5 percent increases, respectively. Oil-producing states, Texas and Oklahoma, continued to dominate recovered markets, maintaining over 200 percent increases. Of the top 100 markets, 37 have reached full recovery, bringing the total of fully rebounded markets to 105 of the top 300 markets; more than one-third. An additional 59 percent of U.S. markets have rebounded 50 percent from their lowest price during the housing recession.

“On an annualized basis, prices increased in April over March in all three reports, a very healthy sign and proof that the spring and summer buying season is in full swing,” said Brock MacLean, executive vice president of Homes.com. “While the Pacific coast saw markets with some of the fastest rising prices, the Northeast also saw an almost immediate bounce back from severe winter conditions, proving nationwide recovery continues in a sustainable fashion. While indications overall are positive, there’s still a long way to go as metro areas with lower rebound percentages will take a while to recover, since they were hardest hit with price declines during the recession.”

Additional highlights from the Homes.com Local Market Index reports include:

  • The lone market in the Midwest of the top 10 monthly gaining markets was Minneapolis, Minnesota with a monthly increase of nearly 2 points, or 1.42 percent.
  • Another non-Northeast market to make the top 10 monthly list is Washington-Alexandria, DC-VA-MD-WV, a Southern region, with a 2.01 index point increase, or 1.00 percent.
  • Measured yearly, the West is the area with the largest overall index point gains, with California capturing six of the top 10 markets.
  • Spokane-Spokane Valley, Washington is also on the list, with an increase of 18.78 points, or 11.6 percent.
  • The best performing markets saw an increase of more than 1 index point or better, as compared to the March report.

Additional highlights from the Homes.com Rebound Report:

  • For the top 100 markets, the Northeast increased the number of its markets exceeding 100 percent recovery by one, rising from four markets in March to five in April.
  • 68 midsized markets are now more than 100% rebound, including Valdosta, Georgia, posting a rebound percentage of 100.65 percent.
  • A total of 105 (35%) of the U.S. markets have achieved full recovery.

Resources:

Download all Homes.com Local Market Reports, supporting documents and rebound percentages for April 2014.

Download the Homes.com Local Market Report tables and graphs.

Learn more about the methodology used to create Homes.com’s Local Market Index, the Homes.com Rebound Report and other frequently asked questions.

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

About Homes.com

As one of the nation’s top online real estate destinations, Homes.com inspires consumers to dream big. From affordable houses to luxurious estates, condos, apartment rentals and more, Homes.com features more than 3 million property listings and exclusive distribution of over 20,000 apartment listings from ForRent.com in a user-friendly format, making finding your next home easy. Visitors to the Homes.com blog will find a collection of rich information and posts on DIY projects, painting, organization tips and more, providing the ultimate resource for everything home related. From finding your first apartment to buying your first home, upgrading, downsizing and everything in between, Homes.com is an inspiring and engaging partner in every phase of the home buying or renting process.

Visit Homes.com and download the Homes.com Mobile App, Rentals Mobile App, or Mortgage Calculator to assist in your home search. For home decor tips and more, visit Blog.Homes.com.

Contact:
The Zimmerman Agency
Ivette Faulkner/Sydney Weaver-Bey, 850-668-2222
IFAULKNER@ZIMMERMAN.COM
SWEAVERBEY@ZIMMERMAN.COM

Rates

View Comments (0)

Recommended for You

  • Detroit retirees back pension cuts by a landslide

    DETROIT (AP) — A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.

    Associated Press
  • Court ruling may 'free' millions from Obamacare

    The intellectual godfather of a major Obamacare court challenge says it could "free" tens of millions of people from the law's mandates.

    CNBC
  • Often Overlooked Method to Pay Off Mortgage

    If you own a home and pay for a mortgage, you could reduce your payments by as much as $3,000 a year. Here is how it works.

    AdChoicesLendingTreeSponsored
  • Goldman Sachs: Here Are 25 Small-Cap Stocks to Buy

    While Goldman Sachs is cautious on small-cap stocks due to valuation concerns, the firm still finds some pockets of opportunity among individual names within the group.

    The Wall Street Journal
  • Herbalife Plummets

    Herbalife shares were down as much as 11%...

    Business Insider
  • JetBlue pilot among 6 arrested in Boston drug bust

    BOSTON (AP) — A JetBlue pilot from Florida is among six people arrested by Boston police over the weekend in an investigation of drug dealing incidents near the Boston Common.

    Associated Press
  • Bodies from downed jet piled in boxcars in Ukraine

    TOREZ, Ukraine (AP) — Pro-Moscow rebels piled nearly 200 bodies from the downed Malaysian jetliner into four refrigerated boxcars Sunday in eastern Ukraine, and cranes at the crash scene moved big chunks of the Boeing 777, drawing condemnation from Western leaders that the rebels were tampering…

    Associated Press
  • 7 Things You Didn't Know About Paying Off Student Loans

    There are a number of ways to pay down your loans. Here are a few things -- good and bad -- about the process that you might not have known.

    Kiplinger
  • Play

    How to Build Your Own Annuity

    Instead of paying an insurance company, financial advisor Allan Roth recommends building your own "indexed annuity" that protects principal while giving market upside.

    WSJ Live
  • CPAP Mask Sale! $40 Off the Wisp Nasal Mask Today

    From now until the end of July the ultra light Wisp Nasal Mask System is on sale for the low price of $89.00 compared to its usual price of $130.00.

    AdChoicesEasy BreatheSponsored
  • How to avoid the biggest 401(k) mistakes

    Avoiding these four common, but serious, 401(k) mistakes can mean the difference between a great retirement and a shaky one.

    MarketWatch
  • China's rich look abroad as home prices fall, others stay put

    By Xiaoyi Shao and Koh Gui Qing BEIJING (Reuters) - Rattled by falling home prices, some of the wealthiest Chinese are paring their property investments and turning to private equity or overseas holiday homes, a sign of fading hopes that the once red-hot market can bounce back any time soon. "There…

    Reuters
  • Philippine sect opens 'world's largest indoor arena'

    Philippine President Benigno Aquino presided over the opening on Monday of what is billed as the world's largest indoor stadium, erected by a politically-influential religious sect. The $175-million Philippine Arena, which can seat 55,000 people, was hailed as a showcase that will serve as a major…

    AFP
  • 'Apes' outmuscles 'The Purge' at box office

    NEW YORK (AP) — The summer box office continued to lack mojo, as the R-rated "Sex Tape" failed to turn on moviegoers over a weekend where "Dawn of the Planet of the Apes" maintained its rule.

    Associated Press
  • What's Wrong With General Electric?

    Shares of General Electric (GE) fell 0.6% on Friday, despite what would seem to be good earnings news. Morgan Stanley's Nigel Coe and team explain why: Without a shadow of doubt, the number one question on our desk following General Electric's earnings was why the stock was so weak following…

    Barrons.com
  • Top Analyst Upgrades and Downgrades: Apple, ARM, DaVita, GE, GoPro, Itron and Many More

    These are the top analyst upgrades, downgrades and initiations from Wall Street firms on Monday, July 21, 2014. They include Apple, ARM Holdings, DaVita Healthcare, General Electric, GoPro and Itron.

    24/7 Wall St.
  • Stream Your Favorite Movies and Shows Instantly

    It would appear that viewers are spending less time watching TV than in the past. The truth is that viewing has simply shifted to online streaming

    AdChoicesInternetCorkBoardSponsored
  • Play

    U.S. Stocks Open Lower

    U.S. stocks kicked off the week in a decline, as investors paused following last week's run to record highs. MarketWatch's Victor Reklaitis joins Paul Vigna on the News Hub with the details, plus which stocks to keep an eye on. Photo: Getty

    WSJ Live
  • Everyone Loves Apple Once Again

    Apple reports earnings on Tuesday, July 22. A...

    Business Insider
  • Don’t Ignore Janet Yellen’s Stock Market Warnings

    Janet Yellen is taking a lot of flak for speaking her mind. Last week, the Federal Reserve released a biannual policy report just as Yellen, the Fed’s chair, began testifying to Congress on the state of the U.S. economic recovery, the outlook for inflation and what’s happening in financial markets…

    The Fiscal Times
  • Beef pollutes more than pork, poultry, study says

    WASHINGTON (AP) — Raising beef for the American dinner table does far more damage to the environment than producing pork, poultry, eggs or dairy, a new study says.

    Associated Press
  • 3 sectors to buy as stocks sell off

    Jack Ablin of BMO Private Bank gives us his top 3 picks to own right now

    Yahoo Finance
  • McDonald's, KFC in China face new food scandal

    BEIJING (AP) — McDonald's and KFC in China faced a new food safety scare Monday after a Shanghai television station reported a supplier sold them expired beef and chicken.

    Associated Press
  • This Smile Can Be Yours - Find Out How

    Considering dental implants? Explore our resources and learn about procedures, options, and providers before making this important decision

    AdChoicesAsk.comSponsored