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20% of U.S. counties’ home prices at all-time high

 

IRVINE, Calif. – A RealtyTrac analysis of median residential property prices from January 2004 through March 2014 in 1,567 U.S. counties nationwide identified the peak and trough prices of homes.

Nationwide, 20 percent of the 1,567 counties studied had current real estate values that surpass their previous level during the peak of the real estate housing price bubble. However, many of those counties fare well because their all-time housing prices did not go as high as those in some states, such as Florida. The RealtyTrac numbers reflect the overall change in home prices – not whether bubble or current prices are accurate.

In Florida, RealtyTrac found that areas such as Miami have significantly higher home values than they did even a few years ago, but they're still not close to all-time highs. Miami, for example, has a median price of $180,000, according to RealtyTrac – a 50 percent increase from the area's all-time low of $120,000 in September 2010 but still significantly lower than the all-time high of $310,000 in July 2007.

RealtyTrac labeled counties as "At or near peak," Approaching peak," "Away from peak" and "Far away from peak." Overall, all but one Florida counties fell into the last category: Far away from peak. Only Central Florida's Sumter County, home to The Villages, a 55-plus community, is considered "Approaching Peak." In Sumter, home values are currently $188,500, according to RealtyTrac, compared a low of $134,000 in June 2004 and a high of $217,550 in October 2006.

RealtyTrac findings

• 315 counties (20 percent) hit a new 10-year peak in 2013 or 2014

• 87 counties (6 percent) hit a new 10-year peak in 2014

• 43 counties (3 percent) hit a new 10-year peak in March 2014

• 724 counties (46 percent) were still 30 percent or more below 10-year peaks in March

• 531 counties (34 percent) were between 15 and 30 percent from their 10-year peak prices in March 2014

• 213 counties (14 percent) were between 5 and 15 percent from their 10-year peaks prices in March 2014

• 99 counties (6 percent of all analyzed) were within 5 percent of their 10-year peak prices in March 2014

RealtyTrac has a heat map of the U.S. posted online that graphically shows the counties that have rebounding home prices.

© 2014 Florida Realtors®

 

Related Topics: Home sales