The Modesto area’s housing market has rebounded the most since the crash from a decade ago, according to owners.com, a real estate brokerage.
The Merced area came in No. 2, according to owners.com’s analysis of the 20 housing markets that have recovered the most since the real estate meltdown.
The analysis is based on the average price per square foot for a house and the 20 markets are metropolitan statistical areas. So for Modesto that means all of Stanislaus County.
Modesto area homes were selling for $200 per square foot on average at the housing market’s peak and dropped to $85 per square foot and have since rebounded to $182 per square foot, according to owners.com.
Modesto’s price per square foot has increased 114.8 percent since the crash, placing it No. 1 among the 20 markets that owners.com analyzed. Merced saw a 114.7 percent increase since the crash.
Unsurprisingly, the Vallejo-Fairfield and Stockton-Lodi areas also made the list. They and Modesto were among the metropolitan areas that saw a steep run-up in prices before the crash.
The Bee reported last month that house prices had strongly rebounded, and the median price for an existing single-family home in Modesto was $280,000 during the first five months of this year.
That’s an increase of about 50 percent in the past four years, but still not the pre-crash price of $339,000.