Home Values Back At Record Highs In Many U.S. Cities

Investing.com - A decade after the historic real estate market bust, home values in a majority of the nation's largest cities are equal to or higher than their previous peak in 2006-2007.According to a new report from real estate website Zillow, the national median home value is more than $217,000, 8.4% higher than the pre-Great Recession top. Median homes values in 21 of the 35 biggest markets are also at record highs, as of June.Zillow says the price spike is largely the result of a shortage of properties for sale.Denver is an extreme example of the boom. Its median home value of almost $400,000 is 65% higher than the previous peak. In addition, 99% of all homes in the city are now more valuable than at the time of the last bubble.In several other of the nation's largest cities, almost 100% of the homes are worth as much or more than they were a decade ago.San Jose is another example of the price surge. Part of Silicon Valley, the city has seen the median home value jump about 22% in the past 12 months to almost $1.3 million.