March 2, 2018
A decade ago, the U.S. economy was in a recession, which would later become the Great Recession. Between 2007-2009, the U.S. economy lost more than 8.7 million jobs. And, during the Great Recession, housing prices fell 33%. Yet, Texas housing prices fell only by 13%, in comparison.
According to a report just issued by CoreLogic, national housing prices have returned to peak levels, increasing 51% since hitting market bottom.
In the report entitled “Evaluating the Housing Market Since the Great Recession,” CoreLogic noted that the average house price is 1% higher than it was at its 2006 peak.
In a national-to-Texas comparison, the pre-crisis peak date was July 2007 (versus April 2006 on the national front). While trough-to-current prices in the Lone Star State increased by 49%, less than that of the U.S., Texas’ peak to current price was 29%.
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