According to a recent study by Homes.com, 19 out of 100 of the US’s major housing markets measured more than a 100 percent rebound from the price decline attributable to the recession in May, up from 14 markets in April 2013.
The report shows six of the top 10 markets that saw the highest rebound are located in Texas.
Homes.com measured the rebounds by comparing market prices before the Great Recession and prices as they declined through the recession to their ultimate low. Markets showing a rebound of 100 percent or higher means that the area has fully recovered any price decline that resulted from the recession.
The six Texas markets included in the top 10 rebounds list are…
- San Antonio-New Braunfels 227.20 percent
- Houston-Sugar Land-Baytown 217.98 percent
- Austin-Round Rock-San Marcos 214.38 percent
- Dallas-Fort Worth-Arlington 198.81 percent
- McAllen-Edinburg-Mission 179.24 percent
- El Paso 129.28 percent
Many of these Texas markets not only saw a rebound, but also witnessed prices surging past their pre-recession levels.
In Dallas, for instance, it is currently more expensive to buy a home in today’s market than it was in 2007.
According to a recent report released by the Texas Association of Realtors, prices continued to strengthen in the second quarter of 2013.
The median price in the second quarter of 2013 was $177,300, up 9.98 percent from the year before. The average price of homes in Texas increased 10.44 percent from 2012 to $235,075 this quarter.
These are the highest numbers ever seen for the median and average price in Texas real estate history.