U.S. homes are expected to gain more than $1.3 trillion in cumulative value in 2012, the first annual gain in six years and the largest since 2005.
More than 75 percent of the 177 metro areas included in this analysis ? 135 in all ? experienced cumulative home value gains in 2012. Among the 30 largest metro areas covered by this analysis, only Philadelphia failed to record an annual gain in cumulative home values. Of the 30 largest metros, those with the largest gains in cumulative value as measured by total dollar volume include Los Angeles ($122.1 billion), San Francisco ($93.3 billion), San Jose, Calif. ($54.7 billion), Phoenix ($52 billion) and Miami-Fort Lauderdale ($47.5 billion).
Gains were calculated by measuring the difference between cumulative home values as of the end of 2011 and anticipated cumulative home values at the end of 2012. Overall, U.S. homes will have gained approximately $1.35 trillion in cumulative value during full-year 2012, to a total of approximately $23.7 trillion, up 6 percent from the end of 2011. Last year, cumulative home values fell almost $792 billion from 2010.
Home values have been steadily rising in 2012. Nationally, home values posted their 13th consecutive month of home value appreciation in November. Many of the regions that the housing recession hit the hardest have seen especially strong home value appreciation. Among them are California markets, Miami and Phoenix.
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