Half of Markets Outpacing Peaks Prior to Recession

ATTOM Data Solutions has released its Q1 report on sales, which found homes in 54 percent of metros are at prices above their pre-recession top-out.

“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. “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.”

Key highlights from the Q1 report:

  • The areas at the highest from their peak pre-recession are California (San Jose, +60 percent from peak pre-recession), Colorado (Denver, +62 percent) and Texas (Dallas-Fort Worth, +62 percent, Houston, +69 percent, and San Antonio, +57 percent).
  • The areas at the lowest from their peak pre-recession are Connecticut (Bridgeport-Stamford-Norwalk, -25 percent, Hartford, -19 percent, and New Haven, -22 percent), and Pennsylvania (Allentown, -21 percent, and Philadelphia, -20 percent).
  • On average, homeowners recouped $ 53,369 (29.5 percent) at sale, down from $ 54,000 in Q4, but up from $ 45,000 in Q1 2017. The most considerable returns were in San Jose, Calif. (109.1 percent); San Francisco, Calif. (73.6 percent); Seattle, Wash. (66 percent); Kahului-Wailuku-Lahaina, Hawaii (65.3 percent); and Vallejo-Fairfield, Calif. (58.8 percent).
  • On average, homeowners were in their homes for eight years, down from 8.14 years in Q4, but up from 7.69 years in Q1 2017.
  • Buyers with FHA loans—generally first-time homebuyers—comprised 11.9 percent of home sales, down from 12.6 percent in Q4 and down from 14.4 percent in Q1 2017.

Source: ATTOM Data Solutions

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