Housing Markets That Have Shattered Previous Price Peaks
October 26, 2018
Home prices are showing some signs of cooling, but in a handful of markets, some homeowners likely won’t notice much. That’s because homeowners who have owned their home since before the recession have seen their home prices jump by 50 percent—even up to 80 percent.
Median home prices are above pre-recession levels in 69 percent—or 103--of the 150 metro areas tracked, according to a new report from ATTOM Data Solutions. Median home prices nationwide in the third quarter were 11 percent higher than the prerecession peak of $230,000 in the third quarter of 2005, and 77 percent higher than the postrecession median of $145,000 in the first quarter of 2012. In the third quarter of 2018, the median home price was $256,000.
Home prices in Dallas-Fort Worth, Texas, have surged the most in the country from their prerecession peaks, climbing 86 percent higher. Houston, Texas, and Kennewick-Richland, Wash., also have seen median home prices surge 80 percent higher than their prerecession peaks.
On the other hand, median home prices in the third quarter were below their prerecession peaks in 47 of the 150 metro areas tracked. The markets that saw the biggest dips are Montgomery, Ala. (32 percent below); York, Pa. (32 percent below); Atlantic City, N.J. (30 percent below); Naples, Fla. (20 percent below); and Cape Coral-Fort Myers, Fla. (16 percent below).
“U.S. Median Home Price Increases 4.8 Percent in Q3 2018, Slowest Rate of Annual Appreciation Since Q2 2016,” ATTOM Data Solutions (Oct. 23, 2018)
Updated: August 07, 2020