Home Prices Hit All-Time Highs In Many Markets

A new study released by RealtyTrac analyzed 94 major metro areas and found that 35 percent of them reached all-time home price peaks this year. The cities that saw new home price highs include Detroit, Dallas, Houston, Atlanta, Denver, Pittsburgh, Portland, San Antonio, and Columbus, Ohio. Daren Blomquist, RealtyTrac’s vice president, said home price appreciation hasn’t slowed so far this fall. “Home price appreciation did not go into hibernation in October, even as the housing market entered the typically slower fall season,” Blomquist said. “More than one-third of the nation’s major housing markets have now reached new home price peaks this year, and nearly 90 percent of markets posted an annual increase in home prices in October.” Blomquist added that home sellers are making a 16 percent average profit over their original purchase price, which is the highest it’s been since 2007. Also in the report, the median sales price of U.S. single family homes and condos in October was $207,500. That’s a 10 percent increase over one year ago. More here.

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