Even as nationwide home prices rose to record-high levels, in 21 of the 50 largest metro areas values have yet to return to their pre-Great Recession peaks.
The nationwide median home value in October was $203,400, up $12,500 or 6.5% from the previous year, according to data from Zillow. This is approximately 3.3% above the $197,000 peak in the median price for the months of April and May 2007.
A trio of metropolitan areas, San Jose, Seattle and Las Vegas, posted double-digit price gains on a year-over-year basis. The median price for San Jose increased 12.3%, while in Seattle it was up 11.7% and there was an 11.2% increase in the Las Vegas area. Home sales in both San Jose and Seattle benefit from those metro areas being centers for the technology industry.
But Las Vegas was so far underwater from the effects of the Great Recession, prices there today still are nowhere near the peak value that was reached in May 2006. Things went so far south in Las Vegas that by April 2009, nearly three-quarter of home sales in the city consisted of properties sold after foreclosure.
Here are the 12 metropolitan areas among the nation's 50 largest by population where home prices have the largest percentage deficit to their peak value, according to Zillow.
The prices are based on Zillow's own estimates of the median home value. It includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. The estimates are seasonally adjusted.
Dave Newman - Fotolia
No. 12: Sacramento, Calif.
Percentage below peak: 10.4% Current median price: $376,900 Peak median price: $420,700 (December 2005)
Jacksonville, Florida, USA downtown city skyline on St. Johns River.
SeanPavonePhoto - stock.adobe.com
No. 11: Jacksonville, Fla.
Percentage below peak: 11.3% Current median price: $184,800 Peak median price: $208,400 (November 2006)
Downtown Phoenix, Arizona, with surrounding area, seen from south-east during the day.
Ivan Paunovic/Dreamframer - stock.adobe.com
No. 10: Phoenix, Ariz.
Percentage below peak: 11.5% Current median price: $242,100 Peak median price: $273,500 (April 2006)
Beautiful pink sunrise and reflections in downtown Tampa, Florida
JudyK - stock.adobe.com
No. 9: Tampa, Fla.
Percentage below peak: 11.8% Current median price: $189,100 Peak median price: $214,300 (August 2006)
Hartford, Connecticut, USA downtown skyline on the Connecticut River.
SeanPavonePhoto - stock.adobe.com
No. 8: Hartford, Conn.
Percentage below peak: 12.6% Current median price: $224,200 Peak median price $256,600 (May 2007)
Cityscape of Chicago in a summer day
Sergiy Nykonenko/SergiyN - Fotolia
No. 7: Chicago, Ill.
Percentage below peak: 13.8% Current median price: $212,900 Peak median price: $247,000 (April 2007)
Palms and skyline of Miami, Florida, USA
Henryk Sadura/Henryk Sadura - stock.adobe.com
No. 6: Miami-Fort Lauderdale, Fla.
Percentage below peak: 15.1% Current median price: $259,200 Peak median price: $305,200 (August 2006)
Twilight view of the city of Riverside, from Mount Rubidoux Park, in Riverside, California.
jonbilous - stock.adobe.com
No. 5: Riverside, Calif.
Percentage below peak: 17.0% Current median price: $335,200 Peak median price: $403,900 (August 2006)
Orlando, Florida city skyline and water fountain at night in Lake Eola Park, building logos blurred for commercial use
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