6.21.2014

6 Housing Markets Surged to All-Time Highs

6 Housing Markets Surged to All-Time Highs DAILY REAL ESTATE NEWS | FRIDAY, JUNE 20, 2014 The housing market is bouncing back strong in some areas of the country. In fact, some markets have soared to new record highs. For example, home prices in Jefferson County, Ky., were 63 percent higher in March 2014 than they were in 2007, according to an analysis by 24/7 Wall St., using RealtyTrac housing data. Middle America tends to have most of the counties that have fared the best post-housing crisis, mostly because home prices there did not fall as great or fluctuate as much as some other markets during the housing bubble. But these markets now soaring to new highs need to make sure they don’t outpace salary growth, says Daren Blomquist, vice president at RealtyTrac. When home prices start to outpace incomes, there is cause for concern, Blomquist says. According to RealtyTrac and 24/7 Wall St.’s analysis, homes in half of the counties that have appreciated the most were valued at more than four times the estimated median household income for 2014. The following are the counties that have recovered the most since the housing crisis, according to 24/7 Wall St. Current home price trends: Experts: Home-Price Appreciation to Slow Down Through 2016 Report: Despite Price Gains, Homes Still Undervalued 1. Jefferson County, Ky. Home price percent change compared to 2007-2008: 63.1% Average price (as of March 2014): $160,000 2. Delaware County, Pa. Home price percent change compared to 2007-2008: 54.9% Average price: $295,000 3. Buchanan County, Mo. Home price percent change compared to 2007-2008: 41.1% Average price: $139,450 4. Marion County, Ind. Home price percent change compared to 2007-2008: 39.4% Average price: $116,000 5. Henderson County, Texas Home price percent change compared to 2007-2008: 30.2% Average price: $192,500 6. Johnson County, Iowa Home price percent change compared to 2007-2008: 25.5% Average price: $192,000 View the full list of the housing markets reaching all-time highs at 24/7 Wall St. Source: “Eight Housing Markets at All-Time Highs,” 24/7 Wall St. (June 17, 2014) http://realtormag.realtor.org/daily-news/2014/06/20/6-housing-markets-surged-all-time-highs

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