Florida is one of the areas in the country that is showing the highest marked improvement when it comes to housing prices, according to the latest numbers from Homes.com®.
Based on the June 2015 Local Market Index that analyzes the top 100 markets and their price performance of repeat sales and the Midsize Markets Report for the next 200 largest markets, Homes.com found real estate sales in the Southern markets are leading in the price recovery.
Florida Housing Market Recovery
Good news for owners of Palm Beach Gardens luxury homes, Boca Raton luxury homes, and others in the Florida region.
Among the top 100 markets in June, the South continued to dominate recovery with the greatest 3-month average increase of 0.6 percent. This came from the top market leading area of Lakeland-Winter Haven, Fla.
This central Florida area invites new residents into the area with 38 named lakes in the Highlands areas of what is known as the Atlantic coastal plain. Temperate and lush, the Lakeland-Winter Haven, Fla. region may be making this recovery because of these fantastic features, as well as a thriving business center.
Following close behind the central Florida area was Toledo, Ohio that showed a 0.59 percent increase.
US Regions: The Largest Market Areas
The regional breakdown from Homes.com® when examining the largest markets during the 3-month average showed:
- 3 were from the South
- 4 from the West
- 3 from the Midwest
Other Highlights
- Top 100 markets: Lakeland-Winter Haven, Fla. top performer on a month-to-month basis was at 0.6 percent, while New Haven-Milford, Conn. Was the bottom performer at -0.07 percent.
- The 3-month average increase range for the top markets was 0.52 to 0.6 percent for this reporting period. This shows a slowdown compared to numbers seen last month which had an average increase range between 0.8 to 1.0 percent. On a 3-month average no markets increased over 1 percent.
Slowest Markets Moving Toward Recovery Prices
Interestingly, the five largest markets farthest from full recovery include many in Florida. This is primarily because of where the housing market prices were when the housing market crashed.
The market areas still reporting below their highest market values are:
- Deltona-Daytona Beach-Ormond Beach, Fla. (72.42 percent rebound percentage)
- Palm Bay-Melbourne-Titusville, Fla. (71.64 percent)
- Cape Coral-Fort Myers, Fla. (70.93 percent)
- Stockton-Lodi, Calif. (70.26 percent)
- Las Vegas-Henderson-Paradise, Nev. (68.39 percent)
Annual Gains Dominant in the West
When it comes to annual percentage gains, the West continued to lead as it has in the past. All ten markets reported yearly increases, while three markets reporting minimum yearly increases of 7 percent. Another seven markets reported at least 6 percent annual percentage increase.
California contained five of the markets, which is the most recorded during the period from a single state. The Pacific Coast claimed eight of the markets, while the Mountain region states reported in came from the Denver-Aurora-Lakewood, Colo. and Boise City, Idaho.
All of this shows a growing demand for housing, which may be related to improved job creation for the economy. The steadying yet continual growth in housing prices are all good signs for the real estate market, as well as home owners of Palm Beach Gardens luxury homes, Boca Raton luxury homes, and other regions.
