There are only two major markets in the country where housing prices have returned to their peak or higher.......TX and DC. Most of the country is still in recovery mode.
Biggest annual gain in 7 years
The national 12.2 percent annual gain was the biggest since February 2006 and included a 2.6 percent increase for the month of May alone. Excluding distressed home sales, no state showed a decline in home prices over the previous 12 months.
Despite the increases, home price in just under half of all states remain at least 15 percent below their pre-crash highs, while five - Nevada, Florida, Arizona, Michigan, and Rhode Island - remain at least 30 percent down, with Nevada topping the list at 45.6 percent below pre-crash highs.
At the same time, another six states - Texas, Oklahoma, Alaska, Nebraska, North Dakota and South Dakota, plus the District of Columbia - have recently seen home prices return to and even exceed their pre-crash highs, while several others are approaching that mark.
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