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:
1. Phoenix,
Ariz.
> Change
in home value: 24.0%
> Current
home value: $165,600
> Bottom
in home value: Q3 2011
>
Forecast change in home value: 10.6%
No other
metropolitan area’s housing market has grown faster than Phoenix, where home
values rose 24% over the past year. The growth is expected to continue as well.
Between 2013 and 2014, home values are projected to rise an additional 10.6%.
The unemployment rate in the Phoenix metro area was just 6.7% in February 2013,
down a percentage point from the same month in 2012. Notably, construction jobs
were up 8.2% from the previous year, likely an indicator of a more robust
housing market.
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Call Diane at 480-948-6600 Email: Diane@DistinctiveAz.com
Connect With Her On Linkedin at http://www.linkedin.com/pub/diane-neslund/13/8/602
and at Facebook at https://www.facebook.com/pages/Distinctive-Showcase-Properties
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