Homeowners who sold their homes in 2015 saw an average pricegain since purchase of 11% ($20,378), the largest average pricegain in the U.S. since 2007.

According to housing data firm RealtyTrac, based in Irvine,Calif., the eight-year high also marked the second consecutive yearhome sellers realized a price gain after six consecutive years ofaverage price losses.

“With some local market exceptions, the 2015 home sales data paints the picture of a properlyfunctioning U.S. housing market where homeowners can once againcount on real estate as an appreciating asset — a long-touted axiomsoundly debunked as ironclad truth between 2008 and 2013,”RealtyTrac Vice President Daren Blomquist said. “This return toconsistent home price gains for sellers should reinforce confidencein real estate in 2016 and produce another year of solid salesvolume as homeowners cash out their equity gains.”

Among 155 U.S. counties analyzed for the report, northernCalifornia produced the highest average price gains. San MateoCounty, Calif., in the San Francisco metro area produced a 65%average home price gain. Alameda County, Calif., also in the SanFrancisco metro area, was close behind with a 64% average gain.Santa Clara County, Calif., in the San Jose metro area, reported a63% average gain. Middlesex County, N.J., produced a 52% averagegain and Multnomah County, Ore., in the Portland metro area,reported a 49% average gain.

The U.S. median home price at the end of 2015 was $206,500, up10% from a year ago, RealtyTrac said. December was the 46thconsecutive month with a year-over-year increase in the U.S. medianhome price. Among 87 major metropolitan statistical areas analyzedfor the report, 79 (91%) posted a year-over-year increase in medianhome price at the end of 2015.

Among the nation's 46 markets with a population of at least 1million, those with the biggest year-over-year increase in homeprices were St. Louis (19%), Raleigh, N.C. (17%), Detroit (17%) andTampa, Fla. (15%), with Denver, Seattle, San Jose and Providence,R.I., all posting increases of 13%.

“The drop in short sales, REOs, foreclosures, and institutionalinvestors can all be attributed to the rapid price growth wecontinue to see in the greater Seattle area,” said Matthew Gardner,chief economist at Windermere Real Estate, coveringthe Seattle market. “Market values have simply increasedto a point whereby it's unlikely that we'll have much distressedsupply growth other than as a function of banks working through oldinventory. This has also had an impact on distressed home priceswhich are unsurprisingly on the rise due to woefully low inventorylevels and buyer competition.”

Houston largest of eight markets to postannual decrease in median home price

Eight markets among the 87 analyzed for the report (9%) posted ayear-over-year decrease in median home sales price at the end of2015, and Houston was the only market among the 46 with apopulation of at least 1 million to post a decrease. Average pricesin Houston were down 2% in December from a year prior, RealtyTracsaid.

The other seven markets posting a year-over-year decrease inmedian home price were Bridgeport, Conn. (8%), Winston-Salem, N.C.,(6%), Dayton, Ohio, (5%), Augusta, Ga., (4%), Little Rock, Ark.,(1%), Harrisburg, Pa., (1%) and York, Pa., (1%).

Markets with the biggest month-over-month decrease in medianhome price in December were Flint, Mich., (8%), Augusta, Ga., (8%),Tulsa, Okla., (6%), Provo, Utah, (5%), and Nashville (5%).

New all-time home price peaks in 2015 reported in 38% ofmarkets

Among the 87 metropolitan statistical areas analyzed for thereport, 33 (38%) posted new all-time highs for median home pricesin 2015, and 20 of the 46 metro areas with a population of at least1 million (43%) posted new all-time highs for home prices in2015.

Among the 46 markets with a population of at least 1 million,those with home prices still furthest below previous peaks were LasVegas (34% below previous peak in June 2006), Birmingham, Ala.,(31% below previous peak in July 2007), Orlando, Fla., (31% belowprevious peak in June 2006), Miami (28% below previous peak in June2007) and Chicago (27% below previous peak in July 2007).

Home sales volume reaches nine-year high

A total of 3.1 million U.S. existing single family homes andcondos sold in 2015, up 7.5% from 2014 to the highest level since2006, when there were 3.4 million single family and condo sales,according to the public record real estate deed data collected byRealtyTrac in nearly 1,000 counties nationwide.

Among 207 metropolitan statistical areas with at least 100single family home and condo sales, 74 (36%) reached a nine-yearhigh in sales volume in 2015 while 39 metros (19%) reached 10-yearhigh, including Miami, Minneapolis-St. Paul, Tampa, Denver andColumbus, Ohio.

“South Florida real estate recorded one of the beat years sincethe Great Recession with a strong double-digit, year-over-yearprice gain,” said Mike Pappas, president/CEO of Keyes Company, coveringthe South Florida market. “We are seeinga pick-up in millennial buyers, who are taking advantage of the FHAlow down payment options. We are continuing to see dramatic declinein the hangover distressed market. This all adds up to a healthy2016.”

Distressed sales and short sales combined drop toeight-year low

Distressed sales (in foreclosure and bank owned) and short salescombined accounted for 17.3% of all sales in 2015, an eight-yearlow.

States with the highest share of distressed and short salescombined in 2015 were Illinois (28.1%), Florida (26.4%), Maryland(24.7%), Nevada (21.7%) and Connecticut (20.7%).

Among metropolitan statistical areas with a population of atleast 200,000 those with the highest share of distressed and shortsales combined were Atlantic City, N.J., (34.2%), Orlando (31.1%),Tallahassee, Fla., (31.1%), Rockford, Ill., (31.1%) andGainesville, Fla. (30.8%).

Cash sale share drops to seven-yearlow

All-cash buyers accounted for 30.1% of all U.S. single familyhome and condo sales in 2015, down from 31.6% in 2014 and down from35.6% in 2013 to the lowest level since 2008. The peak in share ofcash sales was in 2012 at 36.3%.

States with the highest share of all-cash buyers in 2015 wereFlorida (50.4%), Hawaii (42.5%), Michigan (39.4%), Alabama (39.2%)and Georgia (38.9%).

Among markets with a population of at least 1 million, thosewith the highest share of all-cash sales in 2015 were Miami(55.2%), Tampa, Fla., (48.5%), Orlando (44.5%), Memphis (44.2%),Jacksonville, Fla., (42.4%), Detroit (41.1%), Las Vegas (37.9%),Raleigh, N.C., (37.7%), Atlanta (37.6%) and Cleveland (36.5%).

FHA buyer share reaches four-year high

FHA buyers (typically with low down payments) accounted for15.7% of all U.S. single family home and condo sales in 2015, upfrom 12.5% in 2014 and up from 12.6 % in 2013 to the highest levelsince 2011. The previous peak in share of FHA buyers was 2009 at23.9%.

States with the highest share of FHA buyers in 2015 were Utah(30.3%), Wyoming (27.3%), Indiana (27.2%), Idaho (26.4%) and NewMexico (24.4%).

Among markets with a population of at least 1 million, thosewith the highest share of FHA buyers in 2015 were Salt Lake City(30.8%), Riverside-San Bernardino, Calif., (26.4%), Kansas City(26.2%), Indianapolis (25.7%), San Antonio (24.4%), Houston(23.1%), Sacramento (21.6%), Phoenix (21.2%), Dallas (21.2%) andLas Vegas (21.0%).

To access the full report, click here.