Since the initial bust of the housing market, it tends to be the metros that felt a huge dent from the crisis that witness the biggest home price increases. But this trend is starting to change.
While year-over-year this trend still rings true, when looking at quarter-over-quarter changes, homes prices are starting to shake off the effect of the housing bust, Trulia said.
According to Trulia, among the 10 metros with the biggest quarter-over-quarter price increases in February, four were not part of the severe housing bust: Cleveland, Ohio, Birmingham, Ala., San Francisco, Calif. and Akron, Ohio.
Investors are scooping up fewer houses in 2014, and the biggest price gains will more often be in markets that did not see a large housing bust.
Here are the top 10 cities with the biggest quarter-over-quarter asking price increases in February 2014:
10. Riverside-San Bernardino, Calif.: Located just east of Los Angles, this area boasts a 4.8% quarter-over quarter asking price and a -50% price drop during bust, peak to trough.
9. Akron, Ohio.: Just making it on the list for one of the areas that was not significantly affected by the housing bust, Akron reported a 5% quarter-over-quarter asking price change and a -16% price drop during bust.
8. Orlando, Fla.: Home of the famous Disneyworld, Orlando now also adds its name to this list, with a 5% quarter-over-quarter asking price change and -48% price drop during bust.
7. San Francisco, Calif.: In addition to hosting the iconic Golden Gate Bridge, this city recorded a 5.2% quarter-over-quarter asking price change and a -23% price drop during bust.
6. Oakland, Calif.: Just across the bay from San Francisco, Oakland posted a 5.6% quarter-over-quarter asking price change and a -39% price drop during bust.
5. Lakeland-Winter Haven, Fla.: Lakeland falls right between Orlando and Tampa, Fla., recording a 5.7% quarter-over-quarter asking price change and -46% price drop during bust.
4. Las Vegas, Nev.: This nightlife-rich city posted a 5.7% quarter-over quarter asking price change and a -61% price drop during bust.
3. North Port-Bradenton-Sarasota, Fla.: Nudging into the third top spot, this Florida city reported a 6% quarter-over-quarter asking price change and a -50% price drop.
2. Birmingham, Ala.: Birmingham, along with top-seeded Cleveland, is one of the cities in the top ten that did not experience a huge drop in home prices during the financial crisis. This city in the south recorded a 6.4% quarter-over-quarter asking price and a -12% price drop.
1. Cleveland, Ohio: Ranking number one, Cleveland posted a 6.5% quarter-over-quarter asking price change and a -18% price drop during the bust.
