Owned and operated by Patrick Krause
Home Values Near Pre-Recession Highs in Over 1,000 US Cities
According to Ris Media, the declines in home values that most of the country experienced since late 2007 are close to being erased. U.S. home values have risen for nine straight quarters but they still remain approximately 13% off their 2007 peak. That said, housing prices in over 1,000 U.S. cities are close to reaching pre-recession levels and there are sixty (60) major metro areas including Dallas, Houston, Denver, Pittsburg and San Jose that are expected to actually exceed those levels.
Chief economist Dr. Stan Humphries recently commented on the national real estate market, “the lows of the housing recession are becoming an increasingly distant memory as home values reach new highs and homes become more expensive than ever in many areas. This is a remarkable milestone coming only two and a half years after the end of the worst housing recession since the Great Depression, and is testament to just how robust this housing recovery has been.” He continued, “So far, this steady appreciation has not created affordability issues in the majority of places but there are a handful of markets where affordability is again a challenge, even with interest rates increadibly low.”
Nationally, rents rose nearly 3% year-over-year in the first quarter. U.S. rents have been rising for nearly two years straight and inventory across the nation has fallen in each of the first three months of the year.
Contact me today to find out what your home is worth in the current market and/or to find your next home! Also, be sure to check out the “Search By City” section of Metro Market News. I’ve added videos and a Featured Properties section for each city that updates new market activity for each area in real time.
Owner, Principal Broker
Soldera Properties, Inc.
Leave a Reply
You must be logged in to post a comment.