SEATTLE (UPI) — U.S. home prices remain largely below their 2007 peak, but some communities are currently seeing new peaks established, data complied by Zillow reveals.
Some of the communities establishing new highs on home prices did not experience severe downturns in the 2008 recession, The Wall Street Journal reported. But others are experiencing a comeback more quickly than expected, Zillow Chief Economist Stan Humphries said.
“The main story in a lot of these places is that they didn’t have much of a housing recession. It’s much easier to be back at peak levels when you didn’t have a big boom and bust,” Humphries said.
On the other hand, “I’m surprised that we are back to peak levels so quickly,” in some communities that were rocked by the recession, he said.
Prices in the Oklahoma City housing market are up 13 percent from their previous pre-recession peak, which came in 2007, the Journal said.
In Denver, home prices are 6 percent higher than their previous high. Prices are also near new highs in Nashville, Dallas and San Jose, Calif., the Journal said.
Data from Zillow, which specializes in housing market data, show home prices in 1,500 markets across the country are at least 25 percent less than their peak. In addition prices fell 23.8 percent across the country from 2007 to 2011. They have since regained 9.9 percent, the Journal reported.
Some gains are relatively impressive with prices in 300 markets within 5 percent of their all-time highs. In 10 percent of the housing markets in the country prices hit a new peak this year, data shows.