By Zachary Vollmer, Real Estate Account Executive
Core Logic, a California based business analytics company, is reporting after a review of housing data that national home prices rose 1.73% between March 2009 and March 2010. This increase appears counterintuitive as foreclosures continue to mount and the overall economy continues to struggle. Speculation is that the increase is the result of the Federal Governments first time home buyers credit of $8,000, which expired in April. While the increase is a positive shift for real estate professionals certain real estate markets have seen housing price increase far exceeding that of the national average. Below is a list of the top five metro areas which have seen significant growth in housing value over the past year.
1) San Jose-Sunnyvale-Santa Clara, California: + 8.3% *
2) Boston-Quincy, Massachusetts: + 6%
3) Denver-Aurora-Broomfield, Colorado: + 5.8% **
4) Washington D.C.-Arlington-Alexandria, DC and Virginia: + 5.1%
5) Cincinnati, Ohio: +4.7%
* According to the California Association of Realtors this increase was spurred by a drop in available single family homes in Santa Clara County.
**Core Logic reports that the unemployment rate in Denver dropped from 8.3% to 7.8% during the same March 2009 to March 2010 period.
Further information and statistics can be found at: