Metros Are Surging Above Price Peaks
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.
“In 2018 and in the next couple of years, we’ll see more markets where home prices are entering boom territory. It’s strange to say after so many years of stagnation, but buyers will want to beware right now in Denver, Miami, the LA area, Austin, San Francisco, Tampa and Seattle, where home prices are already 25 percent higher than they should be,” said Ingo Winzer, founder and president at Local Market Monitor.
“We don’t think a bust is imminent — in fact we think prices in these markets will keep going up for several years — but dynamics like this have always ended badly in the past. If you’re thinking of selling, this year or next would be a good time. If you’re thinking of buying, either have a very short-term outlook or a very long one.”
“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).
If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. #RealEstateForSale #Homeownership
Source: ATTOM Data Solutions
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