According to real estate website Homes.com, America’s housing markets are close to reaching the halfway point in the recovery. Homes.com President David Mele predicts that if current trends continue through the late summer and fall, the actual halfway point of the recovery will occur by the end of the third quarter. In this article from HousingWire, Mr. Mele provides some details of the current and potential future state of U.S. housing markets around the country.
The long-awaited housing price rebound is arriving. After eight years, more and more real estate markets are reaching or exceeding the prices they achieved at the peak of the housing boom in 2007.
For homeowners who have been frozen in place due to upside-down mortgages or excessive mortgage payoffs, surging home prices are restoring the equity they need to sell.
For buyers, rebounding prices demonstrate a trend of potential appreciation and security in years to come for those who buy now. For real estate and mortgage professionals, the return to strong and stable values presents opportunities to those who have up-to-date home pricing information, and a solid understanding of valuation trends in their markets.
As of June 2015, a total of 142 markets, or 47% of the top 300, have achieved full pricing recovery. Among the top 100 markets, southern markets continue to dominate the recovery with 23 markets, while the Midwest ranks in second with 11 markets.
As of June, America’s real estate markets were just a month or two away from the halfway point in the recovery, according to the Homes.com Index.
