House and ascending line graph with percent signPhoenix home prices continue to be the talk of the real estate world, and with home sales increasing dramatically in December and January across the country, there’s no doubt the real estate recovery is finally taking shape. The S&P/Case-Shiller home price index, one of the most popular measures of home prices changes, put Phoenix at the top of a list of cities where home prices are soaring.

The monthly index covers 20 major U.S. metropolitan cities, and tracks price changes in addition to statistics like median home price, unemployment rates, and more. Here’s a snapshot of the top seven U.S. cities that have experienced double-digit price growth and how Phoenix home prices stack up against the rest:

7. Los Angeles

• 10.2% rise in home prices last year

• 40.4% drop in home prices the past six years

• $345,000 median home price

• 9.3% unemployment rate

6. Miami

• 10.6% rise in home prices in 2012

• 50.4% drop in home prices the past six years

• $196,000 median home price

• 8.1% unemployment rate

5. Minneapolis

• 12.2% rise in home prices in 2012

• 31.7% drop in home prices the past six years

• $187,000 median home price

• 5.1% unemployment rate

4. Las Vegas

• 12.9% rise in home prices in 2012

• 60% drop in home prices the past six years

• $147,000 median home price

• 10% unemployment rate

3. Detroit

• 13.6% rise in home prices in 2012

• 53.6% drop in home prices the past six years

• $45,000 median home price

• 10.2% unemployment rate

2. San Francisco

• 14.4% rise in home prices in 2012

• 22.3% drop in home prices the past six years

• $717,000 median home price

• 7.3% unemployment rate

1. Phoenix

• 23% rise in home prices in 2012

• 49.8% drop in home prices the past six years

• $164,000 median home price

• 6.7% unemployment rate

Phoenix homeowners know why this is such a great place to call home! Contact me today to learn more about available Phoenix homes for sale.