During the first quarter of 2018, 54% of U.S. metros posted median home prices that surpassed their pre-recession peaks, according to the Q1 2018 U.S. Home Sales Report from ATTOM Data Solutions, a national property database.
Median home prices in 57 out of the 105 metropolitan statistical areas analyzed by the report were above their pre-recession price peaks during the first quarter.
Nationwide, the median home price was $240,000 in the first quarter, just 1% below its pre-recession peak of $241,500 in the third quarter of 2005. This is up 9.1% from last year.
Metros with the highest increases from their pre-recession peaks included Houston, Texas, up 69%; Dallas-Fort Worth, Texas, up 67%; Denver, Colorado, up 62%; San Jose, California, up 60% and San Antonio, Texas, up 57%.
“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,” ATTOM Senior Vice President Daren Blomquist said.
“Home prices are still below pre-recession peaks in 46% of local markets, but nearly one-third of even those markets posted double-digit home price appreciation in the first quarter,” Blomquist said.
But in some markets, home prices still remain far below their previous recession peaks, led…