The real estate market continues to be a drag on the economy, but the latest S&P/Case-Shiller Home Price Index should give homeowners a little hope. Data through May 2012 – the last month available – shows homes prices increased by 2.2 percent from April to May in both the 10- and 20-city composites covered in the report.
1. San Francisco
April to May price increase: 3.9 percent
Median home price: $705,000
San Francisco saw an annual rise in home prices of only 0.6 percent in May, but also boasts the highest median home price on this list.
2. Minneapolis
April to May price increase: 3.1 percent
Median home price: $168,062
Home prices in Minneapolis increased 4.7 percent on a year-over-year basis, and boasted impressive monthly numbers in both April and May.
3. Phoenix
April to May price increase: 2.7 percent
Median home price: $114,950
This Arizona metropolis saw the largest annual increase in home prices, which jumped more than 11 percent from the previous year in May.
4. Seattle
April to May price increase: 2.6 percent
Median home price: $385,000
Seattle and Portland boasted the same month-over-month home price increase, but Seattle’s year-over-year numbers were slightly better.
5. Portland, Oregon
April to May price increase: 2.6 percent
Median home price: $265,000
Prices in Portland are on the rise. The average home price showed a slight annual increase in May, edging upward by 0.4 percent.
6. Washington, D.C.
April to May price increase: 2.5 percent
Median home price: $437,500
Home prices are high in Washington, and they’re continuing to climb. Home prices rose 2.8 percent year-over-year in May, in addition to month-over-month increases in the month previous.
7. Denver
April to May price increase: 2.1 percent
Median home price: $227,500
Prices increased annually by 3.7 percent in May, and it’s easy to see why. According to recent reports from Metro Denver, the Denver economy is steadily growing.
8. Tampa, Florida
April to May price increase: 2.0 percent
Median home price: $114,340
In addition to its relatively strong monthly increases in April and May, prices rose on an annual basis by 2.5 percent.
9. Dallas
April to May price increase: 1.9 percent
Median home price: $63,725
Home prices in Dallas increased annually by 3.8 percent in May, and posted good month-over-month returns in the previous month as well.
10. Miami
April to May price increase: 1.4 percent
Median home price: $160,000
Miami saw home prices increase 3.4 percent annually in May. This exciting metro is home to beautiful beaches and Everglades National Park, and the cultures are vibrant and varied.
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