For the first time in six years, more than 100 U.S. cities are forecast to experience housing appreciation by the end of the year. After strong evidence of growing economic recovery developed in North Carolina and Utah housing markets, the number of U.S. cities projected to inflate in home values hit 105.
Driven by near record low mortgage rates and lower home prices, home sale trends in Utah and North Carolina cities housing markets gained traction over the past three months, substantially topping sales figures of the past year.
As the recovery of housing markets gains traction across broader regions of the nation, higher home values are forecast to develop by the end of 2012, according to Housing Predictor analysts. The hike in home prices is particularly evident in some of the hardest hit markets, including cities in California, Florida, Nevada and Arizona.
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Housing Predictor issues independent real estate market forecasts on home prices for more than 230 cities in all 50 States.
The growing trend of housing price inflation, however, is sluggish in most cities experiencing the upturn so far. Miami, Florida is the only city to experience double-digit housing inflation on an annual basis thus far.
Kansas, Nebraska, Oklahoma, North Dakota, South Dakota, Vermont and Montana cities are also forecast to experience housing appreciation through the remainder of the year.
Appreciating cities include five of the hottest cities projected for appreciation at the start of the year by Housing Predictor analysts, including Miami and Oklahoma City. Just 70 cities were forecast to inflate in home values at the beginning of 2012.