When it comes to bouncing back, the Denver metro area housing market has seen the greatest level of recovery, while the market in Bakersfield, Calif., has seen the weakest recovery.
According to new data from HSH.com
that analyzes the Federal Housing Finance Agency's Home Price Index as a basis to determine which markets have fully recovered and which lag behind the housing recovery, Denver topped the chart for the first quarter with a 67.16 percent level above its boom-years’ peak value. The HSH.com top five is rounded out with four Texas markets that have recovered with vigor: Austin (55.66 percent above its peak value), Dallas (up 53.02 percent), Houston (up 48.36 percent) and Fort Worth-Arlington (a 43.46 percent spike).
At the other end of the spectrum, Bakersfield needs a 40.04 percent boost to regain its peak value. Other markets awaiting an overdue recovery are Las Vegas (38.15 percent below peak), California’s Stockton-Lodi (34.81 percent) and Fresno (30.44 percent), and Camden, N.J. (27.63 percent).
It is important to note that many markets—even the 10 that still remain the furthest from their boom-year price peaks—have seen significant price recoveries since hitting their bottom values,” said Keith Gumbinger, vice president at HSH.com. “However, home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a ‘normal’ value they may still be well below their previous price peak.”