Report: Five More Markets Reach Full Recovery in May

Report: Five More Markets Reach Full Recovery in May

BY: KRISTA FRANKS BROCK

Housing markets across the country continue to show improvement. Five more markets joined the list of fully recovered housing markets across the country, bringing the number to 19 as of the end of May, according to this month’s Homes.com Rebound Report released Wednesday.

Also, 39 markets are at least 50 percent recovered, meaning prices in these markets have regained at least half the value they lost during the recession.

“With five new markets reaching a full recovery over the last month and modest gains in some of the already fully recovered markets, the overall rebound of the U.S. housing market continues to move forward,” said Brock MacLean, EVP of Homes.com.

Several markets are more than fully recovered, and in fact, five markets have rebounded more than 200 percent since the recession.

Three of the top five markets demonstrating the strongest rebound are in Texas and the other two are in Oklahoma.

San Antonio, Texas; Houston, Texas; and Austin, Texas, top the list with rebounds of 227 percent, 218 percent, and 214 percent, respectively.

The market that has rebounded the least since the recession is Providence-New Bedvord-Fall River, Rhode Island-Massachusetts.

Other markets in the bottom 10 on Homes.com’s rebound are located in Florida, California, and Nevada.

Homes.com also released its Local Market Index Wednesday, revealing decrease in the number of markets demonstrating monthly increases in May. Prices increased in 83 of the top 100 markets in May, a slight disappointment following April’s impressive roster of price improvement included all 100 markets.

The New Orleans area posted the greatest monthly price appreciation in May—a gain of 6.09 index points.

Honolulu, Hawaii posted the greatest year-over-year increase in May, with prices posting a 22.85 index point increase.

The next three markets on the Homes.com list of year-over-year price appreciation are located in California—San Francisco with a 21.05 index point gain, Los Angeles with a 20.73 index point gain, and San Diego with an 18.21 index point gain.

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