After a long and painful downturn in the housing market, home prices are finally beginning to head north. According to Zillow, a real estate listing website, home values rose 5.1% across the United States between February 2012 and February 2013.
Many local housing markets are performing considerably better than the country as a whole. Home values rose more than 13% in 10 of the 30 largest housing markets for which Zillow has data, and rose more than 20% in five of them. The biggest growth of all took place in Phoenix, where home values rose 24%.
Based on a review of the median home value of the 30 largest housing markets measured by Zillow, 24/7 Wall St. identified the 10 housing markets that have risen the most from the first quarter of 2012 to the first quarter of 2013. Zillow also provided data regarding expected growth from the first quarter of 2013 to the first quarter of 2014, the number of homes sold in February, as well as the change in the number of homes sold from a year earlier.
Unemployment rates as of February 2013 were taken from the Bureau of Labor Statistics. Data on when home prices peaked and the percentage decline since that time was based on median home value from Fiserv.
Here is the hottest housing markets of 2013: