While home values nationwide are still down 13.5% from their
pre-housing bust peaks, prices in these major housing markets have recovered.
This article lists seven cities where home prices are hitting new highs. The
first city on the list is Dallas, TX, who boosted home values from just below
$127,000 in late 2011 up to current home value at $143,200.
The seven cities listed seem to have a commonality that is
helping housing values rise—booming oil and other energy-related industries, as
well as healthcare and technology-related industries. Population growth and
economic growth are also commonalities between these cities who have boosted
housing values from their housing boom peaks. It is interesting that many cities, such as
Austin and San Antonio, Texas, are on this list as well as the recent list CNN
Money came out with for the top ten growing cities in America.
One of the cities mentioned in the article is San Jose, California, whose home values rose by more than 13% in the year ended in March. Zillow expects the market to climb another 5% within the next 12 months. This is due to increasing technology in the Silicon Valley Housing Market. "There's a lot of tech IPOs just minting money," said Humphries.
ReplyDeleteIt is important that we recognize the growth and great ground that has been made in the housing sector. At the same time, as more deregulatory policies are implemented we should recognize that there needs to remain a balance between safety, risk, and growth.
ReplyDeleteIt would be interesting if cities such as Detroit and Cleveland study these cities to increase growth within their own economies.
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