Bulletin staff report
Pre-recession prices for homes
Home prices in Oregon were 19 percent higher in December than their peak before the Great Recession, according to a report Thursday from CoreLogic.
The report, “Evaluating the Housing Market Since the Great Recession,” ranked the 50 states according to the extent their respective housing markets recovered after the recession. Oregon, where home prices grew by 54 percent over five years, overall ranked fourth behind Nevada, Washington and California and just ahead of Colorado.
From the peak period, in July 2007, home prices in Oregon fell 29 percent, according to CoreLogic, a property information and analytics firm. The peak for home prices across the U.S. occurred between September 2005 and November 2009, with most states peaking in 2006 and 2007. From the low point in Oregon, prices rose 68 percent, the report states.
Nationally, home prices fell 33 percent in the recession and have grown by 51 percent since March 2011. The average home price is now 1 percent higher than the national peak in 2006, according to the report.
The recovery left a checkerboard pattern across the country. In some states, even though home prices have risen dramatically, they have yet to reach the pre-recession peak. Nevada, for example, saw an average 60 percent drop in home prices that are still 23 percent lower than their March 2006 peak, despite a 93 percent price gain from the low point, according to CoreLogic.
— Bulletin staff reports