Market Report: More than half of U.S. homes have rebounded to pre-recession peak values; real estate consultant Jim Belfiore comments on the Phoenix market

  • The share of U.S. homes worth more than they were prior to the recession reached 52.6 percent in August.

  • Less than half (47 percent) of homes valued in the bottom third nationally were worth the same or more than their prior highs, while 52.5 percent of the middle third and 53.8 percent of homes valued in the top third were.

  • The U.S. Zillow Home Value Index grew 6.9 percent year-over-year in August to reach $201,900, while the U.S. Zillow Rent Index climbed 1.9 percent to $1,430.

More than half of U.S. homes – 52.6 percent – are worth as much or more than they were at the peak of the national housing boom in April 2007.

Markets with the highest share of homes that have fully recovered in value include Denver, Dallas and Nashville, where values for almost all homes built before the recession have reached or surpassed their pre-recession peaks: 99.6 percent, 97.5 percent and 97.3 percent, respectively.

San Diego crossed the 50-percent line along with the national median, with 52.2 percent of its homes now at or above their pre-recession peaks.

READ ON:

“Metro Phoenix Area home prices fell much more than prices fell in other parts of the country, so the recovery of prices is taking longer here.  Full recovery- back to highs hit in early and mid-2006- should not be expected in most areas for another 12 to 24 months.”

~Jim Belfiore

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