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Real Estate Hot In Phoenix, Cold In Cleveland07:56
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A "Sold" sign is posted outside a home in Indianapolis in April 2013. (Michael Conroy/AP)
A "Sold" sign is posted outside a home in Indianapolis in April 2013. (Michael Conroy/AP)

The recently released Case-Shiller's home price index shows that U.S. home prices increased 10.9 percent across the country, compared with this time last year.

This is the biggest increase since 2006. Phoenix, Ariz. had highest rate of growth of cities surveyed, with prices rising on average 22.5 percent over 12 months.

"We've had just a huge influx of Californians, Midwesterners and Canadians," Randy Courtney told Here & Now's Meghna Chakrabarti. "Multiple offers, bidding wars, cash was king. Ironically, last year we had about 42 percent of all our sales were cash ... no mortgage."

Near the other end of that list was Cleveland, where according to the Case-Schiller Index housing prices have only increased 4.8 percent, making it one of the most stagnant real estate markets in the U.S.

The Cleveland branch of the federal reserve board says the foreclosure crisis peaked for Cleveland and Cuyogha county in 2007. That year Cleveland was sixth on Realty Trac's list of cities with the highest foreclosure rate.

The average home in Cleveland today sells for about $60,000, according to Realty Trac.

"You have to keep in mind that everything is relative," real estate agent Robert Gallman told Here & Now. "Our prices never got that big, so we didn't fall that far. So of course in recovery our numbers won't be that big either."

What are home prices like in your area? And are you seeing improvement in your local real estate market? Tell us on Facebook or in the comments.

Guests:

  • Robert Gallman, Realtor with the Gallman Group in Cleveland, Ohio.
  • Randy Courtney, Realtor with Courtney Valleywide Properties in Phoenix, Ariz.

This segment aired on May 29, 2013.

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