Watching pre-recession prices
Though a new report shows that just over half of U.S. housing markets have median prices above their pre-recession peaks, there’s a silver lining: the other half still boasts historically affordable homes. In fact, in some major metros, home prices are as much as 25 percent lower than their pre-recession peaks.Verify your new rate (May 26th, 2020)
Reaching the peak
According to the Q1 2018 U.S. Home Sales Report from ATTOM Data Solutions, 54 percent of the nation’s biggest metros have median home prices higher than their pre-recession peaks.
Houston comes in with the biggest increase, with prices jumping 69 percent from their highest point. The Lone Star State’s Dallas-Fort Worth and San Antonio have also seen big increases, with prices up 67 percent and 57 percent, respectively.
San Jose, California, and Denver also made the top five for biggest jumps from their peak.Verify your new rate (May 26th, 2020)
Where prices haven’t peaked
Fortunately, it’s not all bad news for today’s home buyers. In 48 of the nation’s 105 biggest metro areas, median home prices are still lower than their peak points. Bridgeport-Stamford-Norwalk, Connecticut’s prices are 25 percent below their highest point, while those in nearby New Haven are 22 percent lower.
Philadelphia and Allentown, Pennsylvania, still have relatively low prices compared to their pre-recession peaks, as does Hartford, Connecticut, where prices are 19 percent under their highest point.
Chicago, Baltimore, Las Vegas and the New York City-Newark metro all have prices at least 15 percent lower than their peak.
Buyers interested in these areas may want to act fast, though. According to Daren Blomquist, senior vice president at ATTOM Data Solutions, some metros might not remain affordable for long.
“Home prices are still below pre-recession 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,” Blomquist said.
Among the cities posting the biggest price gains over the year? According to ATTOM’s report, it’s San Jose; Flint, Michigan; Spokane, Washington; Reno, Nevada; and Seattle.
Get today’s mortgage rates
Want to get in on these markets before it’s too late? Shop around and see what mortgage rates you qualify for today.Verify your new rate (May 26th, 2020)