The year 2012 was a big year for certain markets as prices grew by leaps and bounds after seeing declines in 2011.
On Thursday, Trulia a report revealing changes in asking prices in 2011 and 2012 among the 100 largest metros. After measuring improvements over the two years, Trulia ranked Las Vegas as the top turnaround market based on its recovery in asking prices.
Over a one-year period ending in December 2011, Las Vegas saw an 11.2 percent decrease, but ended 2012 with a 16.3 percent year-over-year increase in asking prices in December 2012, making the metro's improvement the most dramatic.
Trulia also found nine out of the top 10 turnaround markets were located West and Southwest, and the top six saw double digit increases.
The metro that ranked second for its recovery in asking prices was Seattle, where prices rose by 10.2 percent in 2012 compared to a 13.8 percent decline in 2011.
Phoenix took the No. 3 spot even though it saw the biggest surge in asking prices in 2012. In Phoenix, prices improved by 26 percent compared to a 4.2 percent increase in 2011.
Two California metros took the next two spots. Oakland and San Jose experienced double-digit increases of 12.7 percent and 16.1 percent, respectively, after seeing declines in 2011.
Salt Lake City was No. 6 after experiencing a 14 percent year-over-year increase in December 2012.
Atlanta was the only metro on the list that is not located West or Southwest. In Atlanta, prices grew by 9 percent in 2012 after falling by 9.9 percent in December 2011.
The metros that took the last three spots on the top ten list were Sacramento, Fresno, and Tacoma. Asking prices in Sacramento improved by 9.5 percent in 2012 and decreased by 8.5 percent the year before. Fresno experienced a 9 percent gain in 2012 but saw an 8.7 percent decrease in 2011. In Tacoma, prices increased by 4 percent after a steep 13.7 percent drop in 2011.
On a national level, Trulia found asking prices were up 5.1 percent in 2012, up from a 4.3 percent decrease in 2011. In 2011, only 12 out of 100 metros saw price increases compared to 82 in 2012. In addition, none of the 100 largest metros saw price declines greater than 10 percent in 2012 compared to 6 in 2011.
""The housing market enters 2013 with a running start,"" said Jed Kolko, Trulia's chief economist, in a release. ""Price gains picked up steam in 2012, starting with modest increases early in the year and accelerating in the third and fourth quarter.""
Trulia also compiled a ranking of changes in rent among the 25 largest rental markets. The list was based on year-over-year fluctuations in December 2012. The top five markets where rents rose the most during that period were Houston (16.2 percent), Oakland (12.6 percent), Miami (10.3 percent), Denver (8.1 percent), and Seattle (8 percent).
Nationally, rents increased annually by 5.2 percent in 2012.