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From Buffalo Business First:

Home prices are rising with impressive vigor across much of the South — especially Texas — as well as in pockets of the West and the industrial Northeast.

And Buffalo is prominent in that group, ranking ninth in America for the growth in local real-estate values since 2006. Other parts of the country are having a tougher time. Home values remain depressed today in several California, Florida and Nevada cities that were hit especially hard by the Great Recession of 2007-2009, according to an American City Business Journals (ACBJ) analysis of new federal data.

The current national pacesetter is Texas’ capital city, Austin, where the value of a typical home has soared by 64.9 percent since 2006.

Second place belongs to Denver, whose real-estate values have increased by an average of 45.5 percent in 10 years. Rounding out the top five is a trio of Texas metropolitan regions: Houston (up 45.2 percent), Dallas (43.6 percent) and San Antonio (35.9 percent).

At the opposite end of the national scale are seven metros where home prices are at least 25 percent lower than they were in 2006. The sharpest decline has occurred in Las Vegas, which is down 31.8 percent for the decade.

ACBJ, the parent company of Business First, compared local house prices in the third quarters of 2006 and 2016, using data compiled by the Federal Housing Finance Agency (FHFA). The 10-year span encompasses the final run-up of home values prior to the Great Recession, followed by the downturn itself and the subsequent economic recovery.

FHFA converts each market’s housing prices to a quarterly all-transactions index, which is pegged to a 1995 value of 100 points. Any rise in the index corresponds to an overall increase in local prices. Any drop indicates that values are declining.

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Emprise Realty Group, LLC.

4323 South Buffalo St.,
Orchard Park, NY 14127