For the most part, U.S. home prices have recovered their pre-recession peaks. However, some metros' prices have yet to recover 12 years later.
In May 2007, national home values peaked and subsequently began to fall, bottoming out in early 2012, and then appreciating once more. Lawrence Yun, chief economist for the National Association of Realtors tells CNBC, "Some markets that experienced a huge run-up and then a big downturn are still waiting for a recovery," adding, "For some people, the decline from the time they purchased was so severe that it's taking a long time to recover."
In Winchester, Virginia, for example, the median home price of $225,000 remains below its March 2006 peak of $270,900. In Naples, Florida, the median price of $337,100 is less than its July 2006 peak of $457,200.
Nationally, the median home price is $226,700, according to Zillow. That's about 13 percent more than its 2007 peak of $200,500.
Prices have pushed far higher than their previous peaks in some metro areas. For example, in Midland, Texas, the current median of $261,100 is 75 percent above its May 2008 peak price of $149,300.
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