1 in 5 US counties see house prices hit new record
1 in 5 US counties have seen house prices hit a new record high, according to data from RealtyTrac.
The firm's analysis of median residential property values between January 2004 and March 2014 found that 20 per cent of the 1,567 counties considered now have property prices at a higher level than their previous peak.
315 counties (20 per cent) hit a new 10-year peak in 2013 or 2014, while 87 (6 per cent) hit a new 10-year peak in 2014.
The Florida Association of Realtors notes that in the Sunshine State, homes values are significantly higher than one year ago, according to RealtyTrac's data. They are not surpassing previous peaks, though, because Florida's house prices had risen to much higher levels than many other states during the 2007 bubble, while the market crash took many properties down to bargain troughs.
Indeed, Miami's median property value, for example, is now $180,000, according to RealtyTrac, 50 per cent up from the all-time low of $120,000 recorded in 2010 but far below the peak of $310,000 recorded in July 2007.