With a housing market on the mend in many areas, some cities – including Seattle – are experiencing big increases in home prices.
“What a difference a year makes,” said Jed Kolko, Trulia’s chief economist. “In 2012, prices rose in 82 of the 100 largest metros, compared with just 12 metros seeing price increases in 2011. The 2012 price turnaround was strongest in the West and Southwest, where steady job growth and vanishing inventories lifted home prices by more than 10 percent in many markets.”
The following are the five best “turnaround” housing markets in the real estate recovery, including sales volume and the year-over-year change in asking prices, according to Trulia’s research. The percentages below are price changes from December 2011 to December 2012.
- Las Vegas – 16.3 percent
- Seattle – 10.2 percent
- Phoenix – 26 percent
- Oakland -12.7 percent
- San Jose – 16.1 percent