Many Metros Are Surging Above Price Peaks

April 20, 2018

In many markets, home prices have never been this high. About half of 105 metro areas studied were above their prerecession home price peaks in the first quarter of this year, according to a newly released study by ATTOM Data Solutions, a real estate data provider. 

The metros with median home prices highest above their prerecession peaks were Houston (69 percent higher); Dallas-Fort Worth, Texas (67 percent higher); Denver (62 percent higher); San Jose, Calif. (60 percent percent higher); and San Antonio (57 percent higher).

“Rising interest rates and recently enacted tax reform that removed some tax incentives for homeownership were not enough to cool off red-hot home price appreciation in many parts of the country, with 30 of the 105 local markets analyzed posting double-digit gains in median home prices in the first quarter,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Home prices are still below prerecession peaks in 46 percent of local markets, but nearly one-third of even those markets posted double-digit home price appreciation in the first quarter.”

The following other major metros (with populations of at least 1 million) saw median home prices at least 30 percent above prerecession peaks in the first quarter of 2018: Nashville, Tenn. (46 percent higher); Austin, Texas (45 percent higher); Salt Lake City (42 percent higher); Raleigh, N.C. (35 percent higher); Indianapolis (31 percent higher); and Oklahoma City (30 percent higher).

 

 

Source: ATTOM Data Solutions