Home Prices Edge Closer to Pre-Crash Levels
The housing market is inching closer to what it once was: Home prices are now within 15.2 percent nationally from their peak, according to a new report by Lender Processing Services.
The LPS price index rose in June to $229,000, up 6.9 percent from last year's levels. In June 2006, the peak was $270,000.
However, two states — California and New Jersey — are still playing catch up to their peak levels. California home prices are still down 26.3 percent and New Jersey is down 21.2 percent from its peak, according to LPS’ index.
Meanwhile, Massachusetts is only 10 percent from its peak housing price levels, and Pennsylvania and Tennessee are about 5 percent from their pre-crash highs, LPS says.
Texas and Colorado are two states that surpassed their pre-crash peaks.
Source: “National Home Prices Nearing Pre-Crash Levels,” Mortgage News Daily (Aug. 26, 2013)