Since the Great Recession, home prices have been fighting their way back to peak levels reached prior to the crisis and some markets' home prices have more than recovered.
In the midst of tight supply, heightened competition for buyers, and unpredictable financial markets, U.S. home prices continued to rise in the fourth quarter.
The Federal Housing Finance Agency' s (FHFA)House Price Index (HPI) shows that home prices rose 5.8 percent year-over-year in the fourth quarter of 2015. Prices increased 1.4 percent from the third quarter of 2015, marking the 18 consecutive quarterly price increase in the purchase-only, seasonally adjusted index. Home prices were up 0.4 percent month-over-month for December.
“Instability in financial markets did not seem to put much of a drag on home prices in the fourth quarter,” said Andrew Leventis, FHFA Supervisory Economist. The 1.4 percent rise in home prices "was in line with the extremely steady—but historically elevated—appreciation rates we have been observing for several years now."
Using the FHFA HPI data, HSH.com’s Home Price Recovery Index  determined which housing markets have fully recovered (or more) and which markets still lag behind the housing recovery. The HSH.com data covers the time period from 1991 through the fourth quarter of 2015.
According to the report, the Denver housing market has recovered the most in terms of home prices, now at a current value of $403,230, up 45.29 percent from both its peak value of $277,530 and bottom value of $257,130.
The San Francisco, California; Austin, Texas; Nashville, Tennessee; and Oklahoma City, Oklahoma markets wrapped up the top five most-recovered markets in terms of home prices.
On the downside, HSH.com noted that the Fort Lauderdale, Florida housing market has recovered the least from its peak in terms of home prices, down 28.03 percent from its peak of $352,700 and currently at $275,490.
Cape Coral, Florida; Tucson, Arizona; Orlando, Florida; and Riverside, California markets wrapped up the top five metros that have recovered the least.
"It is important to note that many markets, even the 10 that have recovered the least, have made significant price recoveries since hitting their bottom values," HSH.com stated. "Likewise, home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a “normal” value they may still be well below their latest price peak."
Click here to view the full report.