While the Houston housing market is jittery over falling oil prices, a new real estate report claims that the Houston metro area is near the top of a list of cities where housing prices have bounced back the most from the Great Recession.
Using data from the federal home price index from 1991 through the fourth quarter of 2015, online mortgage and loan resource center HSH.com created a "home price recovery index." The data shows each market's pre-housing-crisis peak value, bottom value, and current housing value.
Houston-The Woodlands-Sugar Land takes the No. 3 spot among the metro areas that have recovered the most since the recession. Home prices are a whopping 43.7 percent higher than the pre-recession peak. The current value is $289,140, compared to $201,260 before the recession.
Austin-Round Rock places in the No. 2 spot, with prices 44 percent above their pre-housing-crisis peak value. The current value is $390,070, compared to $270,780 before the recession. Only the Denver metro area has recovered more, at 45.29 percent.
Most of the metro areas in our great state have experienced major recovery. Dallas-Plano-Irving takes the No. 5 spot, and Fort Worth-Arlington follows at No. 6. San Antonio was bumped from the top 10 by Honolulu and Oklahoma City.
To understand what these numbers mean for home prices, HSH.com offers a “home value estimator,” which allows homeowners to see how the price change in Houston has affected the value of their home. And, as you may have already guessed, if you own property in Houston, you can expect to see big numbers that indicate a great return on your investment.