According to realtor.com’s new weekly report, 8 U.S. cities with robust tech sectors have seen more than a full rebound. In Fla., Jacksonville ranks No. 11 nationally.

SANTA CLARA, Calif. – Local markets with strong tech job creation pre-COVID are bouncing back more quickly than others, according to realtor.com’s Weekly Housing Recovery Report for last week (June 13). Five tech hubs – Denver, Boston, Seattle, San Francisco and San Diego – are seeing real estate markets stronger than they were back in January 2020. The rest of the nation’s cities continue to see a slower real estate market than they did earlier in the year.

In Florida, Jacksonville rises highest on the recovery list at No. 11 nationally, with the market down 0.60% based on the realtor.com index in which a score of 100 is considered the standard for the pre-pandemic real estate market.

“As the market heads into the summer, growth in online home searches and asking prices (on listings advertised on realtor.com’s website) has surpassed pre-COVID levels, but movement in supply and time on market remains well below seasonal pace,” says Javier Vivas, director of economic research for realtor.com.

“But locally the story is much more nuanced,” he adds. “Markets with stronger job creation pre-COVID are proving to have the crucial edge for real estate activity, particularly those with a strong technology sector. As more tech companies weather the storm, the stable jobs and incomes they offer will continue to power demand for homes in these areas, enabling home sales to bounce back faster than the rest of the country this summer.”

The realtor.com Housing Market Recovery Index for the week ending June 13 reached 90.0 nationwide, indicating that the U.S. market is about halfway recovered based on January 2020 levels. This week’s reading was up 1.2 points over the prior week and 10.0 points below the January trend baseline.

An additional four markets have crossed the recovery index benchmark this week – Seattle, Rochester, N.Y., Las Vegas and Los Angeles – taking the total number of markets above their January baseline to eight. Denver (index 107.6), Boston (index 106.7), San Francisco (index 104.5) and San Diego. (index 104.5) had already surpassed January 2020 levels and remain among those leading the recovery.

Florida metro recovery rankings – Recovery Index (base of 100) – Week-to-week change

11. Jacksonville – 97.4 – down 0.60% from last week

13. Miami-Fort Lauderdale-West Palm Beach – 97.2 – up 1.60% from last week

36. Tampa-St. Petersburg-Clearwater – 90.9 – up 1% from last week

42. Orlando-Kissimmee-Sanford – 87.7 – down 1.10% from last week

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