The average price for a single-family home in the third quarter reached $248,000, an increase of 10% compared with the third quarter of 2016, according to ATTOM Data Solutions.
That’s only 3% above the pre-recession high of $241,900 in the third quarter of 2005.
It was the second consecutive quarter where median home prices nationwide were above the pre-recession peak, ATTOM says.
Median home prices exceeded pre-recession peaks in 83 of the 126 metro areas (66%). Home prices increased to new all-time highs in 55 of 126 metro areas, including Los Angeles, Dallas, Atlanta, Detroit and Seattle, ATTOM says.
However, median home prices were still below pre-recession peaks in 43 of 126 metropolitan areas, including New York (6% below); Chicago (10% below); Philadelphia (2% below); and Washington, D.C. (3% below).
Markets where median home prices were still furthest below the pre-recession peak were York, Pa. (60% below); Naples, Fla. (24% below); Modesto, Calif. (21% below); Bridgeport, Conn. (20% below); Mobile, Ala. (19% below); and Las Vegas (19% below).
Among the 126 metropolitan statistical areas analyzed in the report, those with the biggest year-over-year increases in median home prices were Ann Arbor, Mich. (up 16%); Ocala, Fla. (up 16%); Salt Lake City (up 14%); San Jose, Calif. (up 14%); St. Louis, Mo. (up 14%);
Other markets in the top 10 for biggest home price increases were Reno, Nev. (up 13%); Seattle (up 13%); Las Vegas (up 13%); Greeley, Colo. (up 12%); and Salem, Ore. (up 12%).