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Recovery? Not in These Markets Yet

Eight years after the crisis, many national housing metrics such as existing-home sales, new home sales, and home price appreciation are experiencing post-crisis highs. Some markets are lagging behind in the recovery, however.

Using data from FHFA’s Q2 Home Price Index, HSH.com calculated the markets that are most and least recovered from the housing crisis. The list of least recovered markets included four in California (Bakersfield, Stockton-Lodi, Fresno, and Riverside-San Bernardino) and two in Florida (Cape Coral-Fort Myers and Orlando-Kissimmee). The market at the top of the “least recovered” list was Las Vegas-Henderson-Paradise, Nevada, where HSH found homes to be an average of 44.6 percent below peak values.

“It is important to note that many markets, even the 10 that have recovered the least, have made significant price recoveries since hitting their bottom values,” HSH.com Vice President Keith Gumbinger said in the report. “However, home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a ‘normal’ value they may still be well below their previous price peak.”

As far as the 10 metros that make up the least recovered group in Q2, there were no changes from Q1, though some of them did switch positions on the list, according to HSH.

As far as markets that are the most recovered, 46 out of the 100 largest metros reached new highs above their peak home values in Q2, and another four are on the cusp of reaching new highs, according to HSH. The “most recovered” market in Q2 was Denver-Aurora, Colorado, where home prices were 53.1 percent above their peak. Austin-Round Rock, Texas, was second at 49.3 percent. Texas had four of the top six most recovered markets, with Dallas coming in at third, Houston placing fifth, and Fort Worth ranking sixth. San Antonio ranked ninth, giving Texas five markets in the top 10 for most recovered.

Click here to view the report.

 

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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