Are Home Prices Approaching Bubble Territory?
As home prices continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that:
National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”
Though that statement is correct, we must realize that just catching up to prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR).