In the past 12 months, home prices have skyrocketed in some major U.S. cities. In Phoenix, according to real estate information site Trulia, asking home prices increased by 26.9% between November 2011 and November 2012. Of course, that’s after home prices in the area plummeted by more than 50% peak-to-trough. A new report released by Trulia points out that just because home values are rising rapidly in certain areas doesn’t mean these markets are healthy.
Trulia’s latest report, “2013’s Top 10 Healthiest Housing Markets,” reviews the largest housing markets in the country based on what Trulia identifies as the three fundamental characteristics of a healthy housing market: strong job growth; low, but manageable, vacancy rates; and low foreclosure inventory. These are the 10 best housing markets for 2013.
24/7 Wall St. reviewed the ten housing markets identified in Trulia’s “2013’s Top 10 Healthiest Housing Markets.” To make this list, these markets needed to have high job growth, low vacancy rates, and low foreclosure inventory. Job growth was calculated over 12 months through October. Vacancy rate is for November, and foreclosures per 1,000 units is for October. In addition to these data, Trulia also provided year-over-year change in home prices through November, year-over-year change in asking price through November, year-to-date construction permits per 1,000 units through October and the peak-to-trough decline in home prices during the recession.
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