The median U.S. home is $4,100 more valuable now than at the housing bubble’s peak a decade ago, according to the July Zillow Real Estate Market Reports.
The median home value across the U.S. rose 6.8 percent over the past year, to a Zillow Home Value Indexiii of $200,700, which is $4,100 more than in April 2007 when home values were at their previous peak.
Almost half of the largest U.S. housing markets have surpassed peak home values hit during peak bubble years about a decade ago.
When the housing market crashed, home values plummeted and it has taken about 10 years for home values to reach new record highs.
Strong labor markets and steady income growth have pushed up home values in the nation’s hottest markets more quickly than in others. Among the 35 largest housing markets, 15 have higher median home values than ever before.
Additionally, more than 48 percent of individual homes nationwide are currently worth more than they were prior to the onset of the Great Recession.
In Denver, 99.5 percent of homes are worth more now than during the peak of the housing bubble, but in Las Vegas, less than 1 percent of homes are more valuable.
National home values rose 6.8 percent over the past year, to a Zillow Home Value Index (ZHVI) of $200,700.
Home values in Seattle, Dallas and Tampa, Florida rose the most.
Rents across the country are up 1.6 percent year-over-year, to a Zillow Rent Index (ZRI) of $1,427 per month, with rent in Seattle and Sacramento, California appreciating the most.
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