A new report from Zillow indicates that home prices have really rebounded since 2007. According to the study, more than half of U.S. homes are worth as much or more than they were at their 2007 peak. The study revealed several interesting points:
- The share of U.S. homes worth more than they were prior to the recession reached 52.6 percent in August.
- Less than half (47 percent) of homes valued in the bottom third nationally were worth the same or more than their prior highs, while 52.5 percent of the middle third and 53.8 percent of homes valued in the top third were.
- The U.S. Zillow Home Value Index grew 6.9 percent year-over-year in August to reach $201,900, while the U.S. Zillow Rent Index climbed 1.9 percent to $1,430.
Another interesting note shows that inventory continues to drop. This, in addition to buyer confidence, could be contributing to the value increases.