New report shows stunning jump in Seattle home prices

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SEATTLE - New numbers just released Thursday morning show the stunning jump in home values in the Seattle area since the bottom of the housing crisis.

The new report from Zillow, an online real estate firm, says home values are now 23 percent above the highest they were during the pre-recession housing bubble.

Zillow says when the housing market crashed around 2009, homes in the Seattle area lost more than 31 percent of their value - on average dropping by around $119,000.

But since the local real estate market hit its bottom in November 2011, Seattle home values have gained almost 79 percent, or $206,400.

And Seattle isn't alone.

The report says the typical U.S. home has gained 36 percent in value, and is now 5 percent more valuable than at the height of the housing bubble.

West Coast markets have seen the strongest gains in home value - with San Jose, Calif., leading the pack with a $615,000 gain since 2011.

But not every city has rebounded past the levels set during the housing bubble. Las Vegas home values are still 19 percent below the peak reached during the bubble.

The rising prices are causing some to wonder if it means we are in another housing bubble. But that is something only time will tell.

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