Good news is rare in today's real estate market, but for the third consecutive month, key figures from eppraisal.com show the number of markets experiencing an increase in single-family home median sales values is on the rise.
Of the 188 market areas tracked nationwide, 121 report an increase in home values during the three months ending in July 1, while just 61 markets — or 32.4 percent — recorded a decline.
This is the third Eppraisal Market Report to show more value increases than decreases since August 2007.
The Midwest continues to be the heart of recovery, with Ohio, Michigan, Pennsylvania, and Illinois commanding the majority of the double-digit value increases. Flint, Mich., shows the biggest improvement with a 41.2 percent increase to $60,000, while Lima, Ohio, continues its strong resurgence with another 38.5 percent increase to $90,000 from $86,500. And Niles-Benton Harbor, Mich., (23.2 percent) and Battle Creek, Mich., (22.8 percent) maintain their impressive recoveries; both markets' values increased more than 20 percent in the last two Eppraisal Market Reports, as well.
Danville, Ill., (23.4 percent) and Erie, Pa., (16.7 percent) were the top performing markets in their respective states.
Seemingly immune to even the slightest recovery, California has only three markets where values have improved, and the increases are slight: Chico (3.2 percent), Hanford-Corcoran (2.4 percent), and San Francisco-San Mateo (.7 percent). More than 89 percent of the Golden State's markets show a drop, including the still-plunging Modesto (-11 percent) and Merced (-15.8 percent).
The report, which is based on completed sales of single-family residences, shows median home values in the three months ending July along with the percent change from the three months ending in April.
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See the complete Eppraisal National Market Analysis report.
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