Last year, home prices climbed past their pre-recession peak in nominal dollars, but after adjustments for inflation, prices are still 9 to 16 percent below where they were a decade ago, according to the Harvard Joint Center for Housing Studies.
Nominal home prices reached their peaks in 48 percent of all markets nationwide (454 out of 951) last year, but in real dollars, prices reached peaks in only 15 percent of all markets (138).
In contrast, real prices were still 20 percent below peak in about one-third of all markets, most located in areas hardest hit by the housing crisis, including Florida and large parts of the Southwest, Northeast, and parts of the Midwest.
Advertisement
Related Stories
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable
Market Data + Trends
10 States Where Home Insurance Rates Have Risen the Most
Responding to the increasing number of natural disasters, insurers are hiking prices, with some states bearing the brunt more than others
