Home prices are recovering at a steady pace. According to a recent Corelogic report, national home price rose 6.3% year over year, and by 0.5 percent month over month in November 2015, but is still below its peak back in April 2006. Corelogic's staffer Molly Boesel takes a look at the historical home price data and breaks them down by four price segments. Among them, Boesel notes, the low-price tier has seen the fastest increase vs. other segments. She writes,
"The low-price tier has shown the most growth in recent months, increasing 8.2 percent year over year in November 2015 and 8.4 percent in 2015 alone. This price tier also recovered 48.8 percent from its lowest point in March 2009 and is the only price tier to pass its pre-housing-crisis peak. Although the low-to-middle tier has recovered 43.3 percent from its lowest point in March 2011, and has grown by 7.2 percent year over year, it is still the farthest from its peak of all the price tiers, down 8.9 percent. The middle-to-moderate price tier increased 5.6 percent year over year in November 2015, but remains 8.2 percent below its peak. The high-price tier, which fell the least during the housing crisis, increased 5.4 percent year over year in November 2015 and remains 5.5 percent below its peak."
The four price segments are defined as follows: homes priced at 75 percent or less of the median (low price), homes priced between 75 and 100 percent of the median (low-to-middle price), homes priced between 100 and 125 percent of the median (middle-to-moderate price) and homes priced greater than 125 percent of the median (high price).