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Where Housing Is Making a Comeback

The U.S. housing market may finally be bouncing off its bottom, according to the newly released Trulia Price Monitor, which tracks housing prices for major markets across the nation.

According to Trulia chief economist Jed Kolko, the new price monitor represents a significant improvement in major home price indexes, tracing housing price movements "almost in real–time" and covering more metro areas. The Trulia Price Monitor differs from other indices in that it is based on "asking prices" as opposed to actual sale prices.

The first edition of the report shows that housing prices nationally appear to have bottomed out in January of this year and were 1.4 percent higher in March than one quarter ago, based on the on-sale home prices tracked by the index.

But what's really interesting is the metro level tracking. The housing market remains extremely uneven across the country.  The first graphic below shows the markets with the largest year-over-year price declines.




The second graphic tracks markets with the largest housing price increases. While some established markets have performed well over the course of the crisis, the Trulia Price Monitor saw several hard-hit markets bounce off the bottom.

Richard Florida is Co-Founder and Editor at Large at The Atlantic Cities. He's also a Senior Editor at The Atlantic, Director of the Martin Prosperity Institute at the University of Toronto's Rotman School of Management, and Global Research Professor at New York University. He is a frequent speaker to communities, business and professional organizations, and founder of the Creative Class Group, whose current client list can be found here. All posts »

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