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5 Strong Performing Housing Markets

Several real estate markets are showing signs of recovery, with median home prices and sales rising. But which markets are showing some of the strongest signs of recovery?

24/7 Wall St. recently evaluated home price changes for the year ending in July, foreclosure data, the unemployment rate, and other factors to help determine which housing markets are performing some of the strongest. The states that emerged on top of the list are:

1. Arizona Home price change in the last year year: +16.6% Median home price: $248,229

2. Idaho Home price change in the last year: +10% Median home price: $85,000

3. Utah Home price change in the last year: +9.3% Median home price: $129,000

4. South Dakota Home price change in the last year: +8.3% Median home price: $101,700

5. Colorado Home price change in the last year: +7.3% Median home price: $240,000

Listings in Phoenix, Arizona are currently receiving multiple offers which is causing prices to increase. Higher priced areas like Scottsdale and Paradise Valley are also see a spike in real estate prices. Now is a great time to buy before prices go any higher.

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Top 10 Turnaround Housing Markets – Phoenix Is #1

Cities hardest hit by the foreclosure crisis are among some of the cities leading a housing recovery, Move Inc. reports in its Top Turnaround Town Report for May.

Move Inc. compiled a list of Top Turnaround Towns for this month, using year-over-year housing data from the first quarters of 2012 and 2011. Many of the cities in the top 25 that have seen the biggest boosts in price appreciation are also seeing a big drop to inventories of homes for-sale. Some of the states that suffered the worst of the foreclosure crisis — such as Florida, Arizona, and California — have cities represented on the list, and are showing some of the biggest signs of recovery.

The following are the top 10 turnaround markets, according to Move Inc.’s report from May (including the year-over-year median list price increases).

1. Phoenix-Mesa, Ariz.
Median list price increase from Q1 2011 to Q1 2012: +26.94%

2. Miami
Median list price increase from Q1 2011 to Q1 2012: +24.32%

3. Orlando
Median list price increase from Q1 2011 to Q1 2012: +11.54%

4. Boise City, Idaho
Median list price increase from Q1 2011 to Q1 2012: +17.53%

5. Naples, Fla.
Median list price increase from Q1 2011 to Q1 2012: +14.34%

6. Oakland, Calif.
Median list price increase from Q1 2011 to Q1 2012: +7.07%

7. Fort Myers-Cape Coral, Fla.
Median list price increase from Q1 2011 to Q1 2012: +18.27%

8. Lakeland-Winter Haven, Fla.
Median list price increase from Q1 2011 to Q1 2012: +12.95%

9. Sarasota-Bradenton, Fla.
Median list price increase from Q1 2011 to Q1 2012: +12.56%

10. Tampa-St. Petersburg-Clearwater, Fla.
Median list price increase from Q1 2011 to Q1 2012: +11.92%

“We continue to see signs of stabilization and recovery on the local level throughout the country,” says Steve Berkowitz, CEO of Realtor.com operator, Move Inc. “By all indications, the 2012 housing market is unfolding as we expected, and we’re encouraged with the progress local markets are making. However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories.”

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