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Posted by jtudor on July 27, 2018
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Half of U.S. homes are now more valuable than before the real-estate bubble burst

The median home value has risen more than 8% over the past year

Published: July 27, 2018 1:24 a.m. ET
Original story found here

There’s a split emerging in the U.S. housing market: Some are becoming more valuable than ever, while others struggle to emerge from the financial crisis.

More than half of the homes nationwide are now more valuable than their pre-recession peaks, according a report released Thursday by real-estate website Zillow ZG, -1.98% The national median home value is now $217,300, an increase of 8.3% on the year and 8.4% above the bubble-era peak. In 21 of the nation’s 35 largest markets, the median home value is now at an all-time high.

Driving much of the home value appreciation nationwide is a reduction in the number of homes available on the market. Inventory contracted 4.8% over the past year. Indeed, the tight supply of homes for sale has contributed to what some have called the most competitive home buying season on record.

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Some markets have rebounded faster than others post-recession. In seven of the country’s largest housing markets — Dallas-Ft. Worth, Seattle, Denver, San Antonio, San Jose, Austin and Portland, Ore. — more than 95% of homes are worth more than the pre-housing boom peak.

Denver has experienced a particularly notable rebound: The median value is now $397,700, or 65.5% higher than its previous peak in 2006, and more than 99% of homes are more valuable than they were in the bubble years.

Share of homes worth more than pre-recession peak

United States 50.4%
New York, N.Y. 28.5%
Los Angeles-Long Beach-Anaheim, Calif. 64.4%
Chicago, Ill. 14.6%
Dallas-Fort Worth, Texas 97.7%
Philadelphia, Pa. 35.9%
Miami-Fort Lauderdale, Fla. 9.6%
Atlanta, Ga. 64.3%
Seattle, Wash. 97.3%
St. Louis, Mo. 51.3%
Tampa, Fla. 18.9%
Denver, Colo. 99.6%

But almost the opposite is happening in Las Vegas, where less than 1% of homes are worth more than their pre-recession peak. “Despite widespread and consistent home value growth today, the scars of the recession still run deep for millions of longer-term U.S. homeowners, and it may take years of growth for their home to regain the value lost a decade ago,” Zillow senior economist, Aaron Terrazas, wrote in the report.

Meanwhile, renters are faring somewhat better these days, according to Zillow. The median rent nationwide only increased 1.3% over the past year to $1,440, marking the second straight month in which rent appreciation has fallen below the overall rate of inflation.

If you have any questions about your local real estate market here in the Tampa, FL area, contact us today and we will give you an absolutely free consultation for any of your real estate needs!

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