Home price trends continue to mark strong progress on a national scale, however, values are still 33% below peak levels, representing a “new normal” as housing continues to bounce back, according to Clear Capital’s latest Home Data Index (HDI).
National home prices gained 9.3% over the last year and 1.6% over the last quarter.
The West led the nation with the highest regional gain, climbing 17.8%, while the Northeast trailed with 4.8% growth through July 2013. The Midwest and the South were close in price appreciation, reporting yearly gains of 7.5% and 7.6%, respectively.
But while prices appear to be increasing nationally, gains are relative as some cities experienced large gains, but are still well below the nation’s top markets.
For example, Las Vegas broke out with 31.2% yearly growth in July, which Clear Capital notes as a “new post bubble high.” However, the median home price of $145,000 in Vegas ranks 35 below the top-50 markets.
The top-15 performing metropolitan markets reported yearly gains with an average growth of more than 20%. Of those, 14 posted yearly gains that were above 15%.
The lowest performing metros saw only two out of 15 post quarterly losses, with prices dropping less than 1% for each.
Average yearly gains for the group rest at 3%, which Clear Capital points to as evidence that the more active spring and summer buying season have helped buoy most major markets’ home prices.
Written by Jason Oliva