Almost half of the largest US housing markets now have median home prices higher than their peak values during the bubble of a decade ago
Almost half of the largest US housing markets now have median home prices higher than their peak values during the bubble of a decade ago.
The national median home value is now $4,100 more than it was in April 2007 according to a new report from Zillow.
In Denver homes are almost 60% more valuable now than they were during the bubble rising from $235,900 in April 2006 to the current median of $371,100. – and 99.5% of homes in the metro are worth more now than during the peak of the housing bubble.
Dallas and San Jose have also seen very strong appreciation along with Portland, San Francisco and Seattle where the strong jobs market has increased competition for homes.
Zillow’s chief economist Dr Svenja Gudell says that low mortgage rates are maintaining affordability rates even as prices rise.
“The more pressing issue is abnormally low inventory, which is translating into an extremely competitive environment for home shoppers,” he said. “Bidding wars and homes selling for over asking price have been common themes in many markets this summer, and continued competition in the face of limited supply will only continue to push home values up going forward.”
The median home value across the U.S. rose 6.8 % over the past year, to $200,700 according to Zillow figures.
