Housing recovery is rampant in November

By Sari R. Updated on 12/4/2012

When comparing today to a year ago today, home prices rose 3.8%, which represents the largest annual increase ever to be recorded.  In the month of October, the month-to-month increase was 0.8%, which would indicate an annual growth rate of 10%.  These results are based on houses for sale as well as listed rentals. 

For the first time since the housing crisis, Riverside and Sacramento, California as well as Atlanta, Georgia displayed big quarterly home price gains.  These metropolitan areas initially had a hard time recovering from the crisis; these areas declined in February and grew slowly in May and August when compared to other struggling metropolitan areas (such as Miami, Las Vegas and Phoenix).

The biggest factors between the price gains seen today are falling vacancies, job growth and recovering from the housing bust price declines.  Other notable metropolitan areas are Wilmington, Delaware and Salt Lake City, Utah.  Both areas had over a 7% increase quarterly.  Yearly, rents are continuing to increase, rising 5.6% while price gain only increased 3.8%.

For today's lowest rates, please click here.