By FindTheHome
WASHINGTON — Data from FindTheHome suggests that home prices in some places have made a bigger recovery than others.
American homeowners are ready to see their homes be worth something again – at least as much as they paid for them. For many, home values dictate whether or not they are able to sell their home and recoup their investment. Because of stagnant home prices in many places, thousands of Americans who aren’t able to wait out the recession are selling their homes at a loss compared to their initial investment.
It’s now been seven years since the start of the 2008 recession. To illustrate how home prices have changed since then, data researchers from FindTheHome have compiled data on home prices during their pre-recession peaks and compared them to what they’re worth today.
Note: FindTheHome defined home price recovery as the percent change between the median home price during the month of each state’s pre-recession (2005-2009) peak and the median home price as of March 2015. States with positive percent differences are states where home prices have generally surpassed their pre-recession peaks. Conversely, states with negative percent differences are yet to reach median home prices that are as high as they once were.
This graphic shows how each state’s home prices have changed since their peak before the recession. North Dakota home prices have recovered 29.8 percent since September of 2009, which is the largest price recovery in the nation. Conversely, Nevada home prices are 34.7 percent lower than their pre-recession highs in March 2006, which is the lowest in the country.
The main takeaway from the data is that location really does matter, and each real estate market is recovering differently. For example, home prices in Arizona are 27.4 percent behind their June 2006 peak, but another state in the same region, Colorado is experiencing home prices that are a 14.5 percent premium above its own previous high.
Here are the 10 states that have recovered the most since the recession and the 10 states that still have a ways to go.
United States | Market Trends | FindTheHome
