7 cities where home prices are on the rise

The latest release of the quarterly Case-Shiller Home Price Index reveals that seven of the 20 metropolitan areas surveyed saw higher home prices than in the first quarter of 2011, offering hope for sustained recovery in these markets.

The seven cities with the greatest annual increase in home prices are:

1. Phoenix (6.1 percent)
2. Minneapolis (3.3 percent)
3. Miami (2.5 percent)
4. Detroit (2.3 percent)
5. Denver (2.6 percent)
6. Dallas (1.5 percent)
7. Charlotte, N.C. (0.4 percent)

In addition, all of these cities except Charlotte and Minneapolis also saw prices increase on a month-to-month basis.

On the whole, home prices fell 1.9 percent year-over-year from the first quarter of 2011. The 20-City Composite Index fell 2.6 percent while the 10-City Composite dropped 2.8 percent.

To read the rest of the report, click here.