Home prices have risen since the Great Recession.
South Florida’s economy seems to be firing on all cylinders. Unemployment is back below 4 percent, construction activity has rebounded and home values have bounced back.
And yet: Median home prices in Palm Beach, Broward and Miami-Dade counties remain nearly 14 percent below their boomtime highs. That’s according to a report released Thursday by ATTOM Data Solutions.
ATTOM says South Florida’s median sale price in the first quarter of 2018 was $250,000, well off the boomtime high of $290,000. It’s a common theme statewide. Pensacola is the only Florida metro area to have recovered housing losses from the crash.
Nationally, median home prices in 57 of 105 large metro areas rose above their pre-recession home price peaks in the first quarter of 2018, ATTOM Data Solutions said. The U.S. median home price of $240,000 was less than 1 percent below the pre-recession peak of $241,500.
Metro areas with home prices the farthest above their pre-recession peaks were Houston (up 69 percent); Dallas-Fort Worth (up 67 percent), Denver (up 62 percent), and San Jose, California, (up 60 percent).
The slowest market to recover is Bridgeport-Stamford-Norwalk, Connecticut. It’s 25 percent below its peak. Also struggling are New Haven, Connecticut (down 22 percent), Allentown, Pennsylvania (down 21 percent), and Philadelphia (20 percent).