Exactly one fifth of all cities have higher home prices today than the high made prior to the financial crisis according to S&P/Case-Shiller Home Price Index. Portland has joined Denver, Dallas and Boston as the only cities that have made a new high. As you can see in the first chart below, there has been a strong relationship between how far home prices fell during the financial crisis to how close they are to making all-time highs. For example, Denver and Dallas are the two circles in the top right-hand corner. Neither of these cities ever went further than 15% below their 2005-2007 high and both are now over 20% higher than that previous high water market. In contrast, in the bottom left-hand corner you have Las Vegas. Home prices in Las Vegas fell over 60% from its pre-financial crisis high and it is still down over 38% from that previous high.