Report: Four Metros Reach Full Home Price Recovery
Four new metro areas have reached values last seen during boom-era peaks more than 13 years ago, according to a recent report by online resource for mortgage data HSH.com.
The firm released its latest quarterly Home Price Recovery Index, an analysis of the nation’s top 100 metropolitan housing markets. The housing market report shows about 80% of home prices are at previous boom-era peaks, while others have not yet recovered their lost value from the Great Recession.
The four metro areas that have reached values last seen during boom-era peaks are:
- Sacramento-Roseville-Folsom, CA
- Oxnard-Thousand Oaks-Ventura, CA
- Miami-Miami Beach-Kendall, FL
- Fort Lauderdale-Pompano Beach-Sunrise, FL
But, despite the longest economic expansion on record as well as improving real estate markets, 21 of the nation’s most populated metro areas have not seen values recover. The firm notes that even if gains in value accelerate, some markets seem unlikely to reach a recovery in the current cycle.
The three areas with the largest remaining recovery gaps are:
- Bakersfield, CA
- Cape Coral-Fort Myers, FL
- Camden, NJ
Additionally, the report noted the three metro areas with the greatest pricing recovery since the last cycle. They include Denver-Aurora-Lakewood, CO (93% above “boom era” price peak); Austin-Round Rock-Georgetown, TX (81% above) and Dallas-Plano-Irving, TX (74% above).
For comments, questions or concerns, please contact David Cohen
- ◦Economy
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