Housing Markets in the Northeast Gain Traction with Substantial Increases in April!
To understand how the housing recovery process is unfolding across the country, Homes.com has measured how far each market has recovered from its peak-to-trough decline in index value. These measurements are used to create the Homes.com Local Market Report, which showcases recovery rates for the Top 100 markets and Midsize 200 markets.
Homes.com’s Local Market Reports for the April reporting period reveals 96 out of the top 100 markets posted month-over-month gains – up 17 markets from March’s report. The majority of the 17 markets that had monthly increases were located in the Northeast and were in areas that had more severe winter weather. In addition, the Northeast region saw the greatest index point momentum, with eight markets listed in the top 10 month-over-month list. Springfield, MA was the top performer with a 5.00 index point gain. The remaining seven Northeast markets saw solid index point gains, all increasing by nearly 2 index points or more. On a yearly basis, the West region dominates the top increasing markets, with nine markets seeing index point increases.
In April, 37 out of the top 100 markets measured continued to show a complete price recovery – up two from March. A rebound of 100% or more means pricing for the market has surpassed its prior peak and reached full recovery. The two newest markets to achieve a full rebound are Knoxville, TN and Albany-Schenectady-Troy, NY, who achieved rebound percentages of 102.04% and 102.55%, respectively. Albany-Schenectady-Troy, NY, a market located in the surging Northeast, bounced back this month to bring the market to a full rebound. Additionally, the Midsize Markets Report for smaller markets (population rank from 101 to 300) highlights that 68 markets have rebounded more than 100%, with the addition of one new market, Valdosta, GA, which saw a rebound percentage of 100.65%.
The number of midsize markets posting monthly index point gains rose to 183 in April from March’s 162 markets. Most of the midsize markets added in April were part of the Northeast region, similar to trends seen with the top 100 markets. Of the top 10 month-over-month list for midsize markets, Bangor, ME was at the peak with a 7.65 index point jump. The majority of midsize markets on the top 10 month-over-month list were also located in the northeast. Annually, the top 10 market leaders were located in the western region.