The Northeast Once Again Sees Home Prices Increase!
Homes.com’s Local Market Reports for the June reporting period reveals 37 out of the top 100 markets measured continued to show a complete price recovery – up one from May’s count. A rebound of 100% or more means pricing for the market has surpassed its prior peak and reached full recovery. Knoxville, TN, the market that fell slightly out of rebound in May’s report, is once again rebounded. Additionally, the Midsized Markets Report for smaller markets (population rank from 101 to 300) highlights that 68 markets have rebounded more than 100%, down one from last month. Columbus, GA-AL has fallen out of rebound after reaching rebound in May. Homes.com expects this market to recover again with July’s data. This brings the total to 105 (35%) of the U.S. markets achieving a full recovery.
Of the top 100 markets, all but one market reported increases for the 3-month average index point change in June. The lone market, Jackson, MS, saw its 3-month average decrease by 0.14%. The top 10 single-family markets with the highest 3-month average percent change are primarily located in the Northeast with a few markets in the Midwest and South. Of the 6 markets located in the Northeast, 4 are from the state of Connecticut. For the first time in thirteen months, California no longer dominates the top 10 annual gaining markets. Utah is gaining traction with three markets on the top 10 annual list. The West region still dominates the top increasing markets on an annual basis, with nine markets. Once again, Miami-Fort Lauderdale-West Palm Beach, FL, the only market from the South, has increased over 8% year over year.
In June’s Local Market Report, the Northeast region also claimed the top 3 month average markets list. Annually, the majority of markets come from the West, with the exception of Rapid City, SD, a market in the Midwest. That market had the highest gains annually and over a 3 month average. Also, on an annual basis, all but one midsize local market measured showed improvement. Again, the lone market that decreased yearly is Wheeling, WV-OH, which saw a 5.96% decline.
Could now be the time to buy or sell your home? Get more information about home value trends in your area in the Homes.com Local Market reports or check home values for your local area.