Wednesday, April 23, 2014

New Highs for National Home Prices

 Say hello to higher home prices in these seven metro areas. The house market has taken a pretty wild roller coaster ride over the last decade, with unbelievable peak points and plummeting price points. While some cities are experiencing a stagnant trend in the housing market, others are noticing the complete opposite. This article highlights seven cities and their recent rise in home prices.
While home values nationwide are still down 13.5% from their pre-housing bust peaks, prices in these major housing markets have recovered -- and then some, according to Zillow. Home value now*: $143,200 Housing boom peak: $146,300 Big Oil, and the big money it has brought with it, has kept Dallas' economy running on all cylinders. Low building costs and plenty of cheap land to build on, helped to keep home prices from overheating during the boom years. Yet, they still fell rather dramatically during the bust, said Stan Humphries, the chief economist for Zillow. Related: Buy vs. rent: What you'll pay in 10 cities Median home values were just above $146,000 at the market peak in early 2007, and fell 13% to just below $127,000 by late 2011. An influx of jobs has helped prices recover. Zillow expects home values in Dallas to hit a new high by next spring, if not sooner.

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