As the housing market recovered nationwide, home values rose 5.1% across the U.S. between February 2012 and February 2013. In 10 of the major markets analyzed by Zillow, values rose more than 13%. In five of those, home values rose more than 20%.
Phoenix led the country in home value growth over the last year, shows data from Zillow, the real estate listing website. With 24% growth over the past year, the city's housing market is on its way back after bottoming out in the third quarter of 2011.
"Six of the 10 housing markets on the list are in California," notes Samuel Weigley, "which was hit harder by the housing downturn than most states. Three of the four metropolitan areas not in California — Detroit, Las Vegas and Phoenix — were also disproportionately hurt by the housing crisis. For example, in Las Vegas, home prices dropped 59% between the peak in the first quarter of 2006 and the third quarter of 2012."
"Home values do not necessarily rebound quickly after a major downturn, said Svenja Gudell, a senior economist with Zillow. However, many of the areas with the most growth in the past year, notably those around Silicon Valley, have remained desirable places to live. This has helped these areas recover at a faster clip compared to the rest of the country."
FULL STORY: The Hottest Housing Markets of 2013
Diverging Fortunes: Winners and Losers in the Pandemic Housing Market
The sharp rise in housing costs created massive wealth for property owners, while shutting many potential homebuyers out of the market.
Mechanisms for Improving Equity in the Housing Market
A new initiative seeks to support innovations that reduce inequalities in home valuations between Black and white neighborhoods.
How California's Wildfires Affect Home Sales and Values
Redfin data show slower home price growth in areas recently affected by wildfires, while developers rush in to rebuild.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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