In seven metro areas, more than 90 percent of homes have exceeded their pre-recession peak values.. But only 0.4 percent of homes in Las Vegas is worth more than its pre-recession peak value.
In seven metro areas, more than 90 percent of homes have exceeded their pre-recession peak values. The vast majority of homes in Denver, Dallas, Nashville, Portland, Ore., Raleigh, N.C., and San Jose, Calif., are now worth more than they were roughly a decade ago, according to a new Zillow analysis comparing Zestimate values on the same homes from their pre-recession peak and now.
By contrast, only 0.4 percent of homes in Las Vegas are worth more than their pre-recession peak value. Other markets where Zestimates remain lower almost across the board include Riverside, Calif., where just 2.9 percent of homes have bounced back past prior peaks; Orlando, Fla. (3.5 percent); Hartford, Conn. (4.5 percent); and Phoenix (5.1 percent).
Almost half (48.9 percent) of all homes nationwide are worth as much or more than they were in April 2007, just before the national market turned south heading into what became the Great Recession.
Denver also comes out ahead when using the Zillow Home Value Index (ZHVI) to measure the market’s current overall median home value against its pre-recession peak. Denver’s ZHVI in July was $371,100, 57.3 percent above its April 2006 peak of $235,900 – the largest percent gain over prior peaks among the nation’s 35 largest markets.
Other markets in which current ZHVI is well ahead of pre-recession levels include Dallas, which is up 42 percent from its November 2007 peak, to $212,500; Nashville, up 40 percent from November 2007 to $221,600; and San Jose, Calif., up 37.8 percent from April 2007 to $1.03 million.
At the other end of the spectrum, the median home in the Las Vegas metro is still worth 25.2 percent less than it was at its peak ($227,800 in July compared to $304,700 in May 2006). Similarly, the ZHVI in Orlando, Fla., is down 19.0 from its July 2006 peak of $256,300, and Riverside, Calif., remains 18.2 percent below its August 2006 peak of $403,900.
Some of those same markets appear as winners and losers in more recent measures as well:
Growth in home values cooled slightly in July, coming in at 6.8 percent year-over-year, to a national ZHVI of $200,700, down from annual growth of 7.2 percent in June. Two major metros posted double-digit annual home value increases in July: Nashville, up 13.1 percent to $221,600; and Seattle, which climbed 12.8 percent to $450,900.
Inventory continues to shrink, dropping 12.7 percent in July from a year ago, and the median number of days that homes spend on the market is also declining. The typical home nationwide spent just 71 days on the market in June, the lowest figure recorded since Zillow began tracking such data.
And while growth in ZHVI slowed from a month ago, growth in rents – as measured by the Zillow Rent Index (ZRI) – accelerated somewhat. The U.S. ZRI grew 1.6 percent annually in July, to $1,427, up from 1.1 percent a month ago. Among the country’s 35 largest markets, West Coast metros led the way, with Seattle, Sacramento and Los Angeles posting the largest year-over-year gains at 5.4 percent, 5 percent and 4.3 percent, respectively. San Jose, Calif., continues to be the priciest rental market, at $3,477 a month.
