[reprinted] from Dallas News – by Steve Brown, Real Estate Editor, May 25, 2017
U.S. home values have risen above the peak before the last recession, according to a new report from Zillow.
Nationwide home values are 1 percent higher than they were in 2007, the real estate marketing website said in a new report.
North Texas home prices have already soared past pre recession levels.
Zillow said D-FW’s median home value in April were up 11.1 percent from a year earlier to $207,300.
That’s almost $10,000 more than the U.S. median.
Only Seattle at 11.8 percent had a greater year-over-year home price gain in April, according to Zillow.
“Now that the typical U.S. home is worth more than ever, people may be tempted to ask if we’re in another national housing bubble,” Zillow Chief Economist Dr. Svenja Gudell said in the new report. “We aren’t in a bubble, and won’t be entering one anytime soon.
“Supply has been slow to catch up to this demand, which is causing home values to grow at a faster clip than we might otherwise expect,” she said. “Beyond that, the market’s fundamentals look largely healthy.”
North Texas home prices are now almost 50 percent higher than they were at the peak before the recession in the summer of 2017.
Median home sales prices in the region are up 13 percent for the first four months of 2017 compared with the same period last year, according to data from local real estate agents.
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