Home prices remain below their 2006 peak in 10 states: CoreLogic

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Home prices in 10 states are still valued below the peaks reached before the Great Recession, according to a new report by CoreLogic, a real estate analytics company.

Connecticut leads all states with a 17% equity decrease since its July 2006 price peak, CoreLogic said in a report. It is followed by Maryland and Nevada, where home values are both down more than 10% from their 2006 peak levels, the report said.

On a national level, prices increased 3.7% in November from a year earlier and are expected to increase an additional 5.3% over the next year. Connecticut, where home prices fell 0.1% in November, was the only state to post an annual decline.

“The decline in mortgage rates, down more than 1 percentage point for fixed-rate loans from November 2018, has supported a rise in sales activity and home prices,” said Frank Nothaft, chief economist at CoreLogic.

At a more granular level, average home prices in more than a dozen large metro areas remained below their 2006 peaks. In November, single-family home prices in Las Vegas were 15.2% below peak. Prices in Washington D.C. were 3.2% below and even metros which have seen robust home price gains in recent years, such as San Jose and San Francisco, remain 6.1% and 2.5% below peak, respectively.

Bloomberg News