Another measure of the strength of the housing recovery has found that April prices have pushed 14 major markets, including Omaha, Denver and Pittsburgh, over the peak prices they reached during the housing boom. Four, all in Texas, have reached new price levels twice as high as their previous peaks.
According to a new Rebound Report by Homes.com which is based on the site’s Local Market Index, a price performance summary on repeat sales of properties in the U.S. utilizing home pricing data from several sources. The April Local Market Index found that single-family properties gained in all of the top 100 markets, improving from previous reporting periods.
The 14 markets that have made more than a 100 percent rebound are an increase from nine that topped their peak values in March. With the exception of Denver and Pittsburgh, the markets that have exceeded their peak values are in the South, Southwest or Midwest. All of the markets that have doubled their peak values are in Texas. Most of them experiences price increases during the boom lower than the national median.
Price Percentage over Peak
1.San Antonio 233.11
5.Oklahoma City 199.40
8.El Paso 133.01
10.Little Rock 110.58
13.Baton Rouge 104.10
“The latest round of report findings supports a growing confidence in the housing market. With home prices posting the strongest gains in seven years, the Rebound Report is another indicator of a positive turn. In one month alone, we have seen five new markets reach recovery,” said Brock MacLean, executive vice president of Homes.com. “Adding to that momentum, all top 100 markets recorded gains for the first time, indicating the recovery continues to build across the country.