For the past year, areas that were hit hard during the housing market crash have been seeing some of the biggest increases says Troy McMullen for the Washington Post.
Miami, Las Vegas, and parts of Arizona and California, which hit close to rock bottom in 2006, are making huge comebacks and seeing gains that far outpace the national average, according to the National Association of Realtors. Miami is now seeing the highest price jumps since 2006 at the peak of its last housing boom, and Las Vegas sales of homes priced at more than $1 million nearly doubled in 2015 compared with the previous year.
The upward trend follows one taking hold nationally, where home prices across the United States are steadily rising, fueled in part by low mortgage rates, shrinking inventory and more affordable prices. As of May, average home prices within the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index’s 10-city and 20-city composites were back to their 2007 levels. Tighter lending restrictions, higher down-payment requirements and curbing overbuilding in places once inundated with property development are driving their changing fortunes.