Markets & Economy

Markets continue to hit new price peaks

San Jose, San Francisco and Denver remain top performers
  • Affordability is taking a serious hit as markets hit new peaks; some have seen more than 7 percent growth so far this year.
  • San Jose, San Francisco and Denver remain top performers.
  • Detroit and Cleveland are surprise markets for January to July price appreciation.

During the first seven months of this year, 10 of the nation’s largest metros experienced home price appreciation that exceeded 7 percent. The top three metros in terms of 2015 appreciation are no surprise -- San Jose, San Francisco and Denver. According to data from Black Knight Financial Services, these markets have all experienced double-digit price growth spanning January to July. Overall homes appreciated by 12.7 percent in San Jose and 11 percent in San Francisco during this period. Values also rose by 10.1 percent in Denver. Appreciation in the San Francisco Bay Area has driven median home prices to $865,000 in San Jose and $717,000 in San Francisco -- the highest such prices amongst the nation’s largest metros. A group of other large markets have experienced a 7 percent to 9 percent rise in home values this year: Seattle, 9 percent Portland, 8.9 percent Detroit, 8.8 percent Sacramento, 8.4 percent Austin, 7.4 percent Cleveland, 7.4...