As the US real estate market has bounced back, the country’s biggest house price increase has come from in-state buyers.
The median price of a home in Florida jumped 10.5% in the 12 months through November, according to a report from real estate consultancy IBISWorld.
It’s the biggest jump since the start of the housing market bubble in 2006.
The average price of an apartment jumped 8.4% in November.
But it’s not just Florida that’s seeing the boost in home prices.
In the last three months, home prices in Texas have jumped 14.4%.
Meanwhile, in Texas, the median price for a single family home jumped 12.3% from October to November.
The median price in California jumped 14% in October.
“I think we’re getting a little bit closer to our bubble peak,” said James Brown, the chief economist at CIBC World Markets.
“We’re not seeing any major dips in the prices.”
Brown pointed to the price of homes in the metro area, where prices have jumped 18% since the beginning of the year.
I’ve seen a lot of home sales and lots of new homes in areas like Chicago and Detroit, he added.
And as home prices recover, so too does the number of people living in them.
According to IBIS World, the number and percentage of people who live in a home increased by 4.9 million between December and January, while the number who live on the street increased by 7.5 million.