Many States Near Peak Home Prices

Many States Near Peak Home Prices

Many states are within 10% of their peak home prices according to statistics released by CoreLogic this week.  Nevada and California had the highest appreciation rates over the past year at 26% and 22% respectively.  But not all areas are equal, reflecting the old adage that “all real estate is local.”  While western “coastal” and “sand” states are booming, Florida is still flat.  According to CoreLogic, Florida is still 37% below peak home prices, second-worst in the nation. 

On the local scene, Tallahassee is a little better than Florida as a whole.  Prices have inched up recently, but are still 26% below peak home values.  Tallahassee home price appreciation is running about 1.5% annually.  Appreciation will pick up next year, but will likely remain below 3%.  Still, this is great news after several years of declining prices.

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