Four Texas markets, including Dallas-Fort Worth, have had the most home price appreciation in the country during the last decade.
Austin, Denver, DFW, San Antonio and Houston topped home price gains in the
Austin home prices have soared almost 63 percent since 2006 — the most of any U.S. market. DFW median home prices are 51.6% higher than they were a decade ago, according to Realtor.com, the real estate search portal managed by the National Association of Realtors.
Nationwide prices are just 2% higher than they were in 2006. Realtor.com estimates that home prices in 31 of the 50 largest U.S. metro areas are back to pre-recession levels.
Home inventory shortages in markets including Austin, DFW, San Antonio and Houston have fueled the price jumps.
"The healthy economy is creating more jobs and households, but not giving these people enough places to live," Realtor.com chief economist Danielle Hale said in the report. "Rapid price increases will not last forever.
"We expect a gradual tapering as buyers are priced out of the market — not a market correction, but an easing of demand and price growth as renting or adding roommates becomes a more affordable alternative."
Not all cities have seen a full home-price recovery.
Median prices in Las Vegas are still more than 25% below where they were in 2006 and prices are more than 20% lower in Tucson and Riverside, Calif.
North Texas home prices are now at record levels.
While the rate of home price gains in the DFW has slowed in recent months, so far in 2017 median home prices are 9% ahead of where they were a year ago.
Realtor.com analysts don't see another home price bubble — even in hot home markets.
"On the surface, today's housing market looks suspiciously similar to the pre-recession years with rising home prices and feverish buyer demand," the report said. "However, a deeper analytical assessment reveals material differences — historically low inventory levels, much tighter lending standards and significant job and household growth — and a strong housing market backed by economic fundamentals."
