Report: Rochester housing market fully recovered
by: Velvet Spicer
Rochester’s housing market has recovered nicely since the Great Recession, a new report from HSH.com shows.
HSH.com, an online publisher of mortgage and consumer loan information, ranked 100 housing markets nationwide by analyzing the Federal Housing Finance Agency’s Home Price Index as a basis to determine which markets have fully recovered and which lag the recovery.
Since the last recession, Rochester’s housing market has recovered fully and is nearly 11 percent higher than its peak HPI value of 140.25 during the housing boom.
The HPI data series began in 1991 with a base of 100. So, if Rochester’s average home price was $100,000 in 1990, for example, that would be the basis for a score of 100. Each annual increase or decrease in median home values would be reflected in an increase or decrease in the base score.
The U.S. Census Bureau reported the median value of owner-occupied housing units in the Rochester metro area was $138,900 in 2015.
HSH.com reported the Las Vegas metro area has the largest recovery gap. The region’s housing market is nearly 41 percent lower than its peak value during the housing boom.
The Denver metro area has made the most progress in housing values since the Great Recession; the region is more than 60 percent higher than at its HPI peak during the housing boom.
The Buffalo metro area made the nation’s top 10 with a more than 28 percent increase over its peak housing boom HPI.