The Wall Street Journal reported this morning that San Antonio is one of eight metropolitan areas that is setting new home price records following the 2006-2008 housing price peak.
According to research from the real estate data firm Black Knight Financial Services, San Antonio’s housing prices grew 8 percent from its 2006-2008 peak. Dallas reported a 12 percent growth, while Houston reported 17 percent and Austin topped the list at 18 percent.
The numbers are impressive considering nationwide, home prices are down 10.2 percent from the country’s June 2006 peak. Part of the reason Texas boasts such strong numbers is because the state didn’t suffer as much during the housing bubble burst and subsequent economic recession. Home prices in Texas remained relatively stable compared to other parts of the country during that time.
Cities such as Riverside, Calif., on the other hand, have had to climb out of deep holes. Home prices in Riverside are still nearly 32 percent below their June 2006 level.
Texas cities are also seeing an additional bump in their numbers because of the oil boom, which has led to more construction and people moving into the state.
Several other markets have reported new housing price records. They include Nashville, Honolulu, San Jose and Denver.
By: Stephanie Guzman