The number of markets around the nation that have seen home values recover fully rose by six in February, according to data from Homes.com.
The company’s February Local Market Index, released Wednesday, shows annual home value gains in all 300 of the country’s top markets. For the ninth straight month, California dominate the list of the top 10 markets, with Los Angeles leading the way at an appreciation rate of 25.8 percent over the last year.
Based on the month’s gains, three more of the top 100 largest markets have now achieved a full price recovery as of February: Salt Lake City, Utah; Albany, New York; and Chattanooga, Tennessee. The addition of those three metros—plus three others in Missouri and North Carolina—brings the total number of fully recovered markets on Homes.com’s list to 98.
In addition, nearly two-thirds of the top 300 markets nationwide have rebounded more than 50 percent from their lowest price points since the crash.
“February’s rebound progress illustrates how home prices in most markets across the country are appreciating, even in the depths of winter,” said Brock MacLean, EVP for Homes.com. “This is unusual given harsh weather conditions in most markets, but a positive sign as we enter peak season.”
With more areas recovering to full health and more homeowners returning to positive-equity positions, MacLean says there’s greater hope for consumers to sell or refinance as the market stabilizes.
Most of the top rebounding markets in February were in the South, including six in Texas, two in Oklahoma, and one in Louisiana (the exception being Pittsburgh).
On the other hand, nearly all of the markets with the worst rebound percentages were located in states that have struggled since the crash, illustrating how far they still have to climb; out of the bottom 10, six were in Florida, two were in California, one was in Nevada, and one was in Massachusetts.