Home Prices Jump 12.2 Percent

Some markets across the country are experiencing a rebound as interest rates start to climb.
1:57 | 07/30/13

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Transcript for Home Prices Jump 12.2 Percent
We old you about the housing market with new energy and new numbers out today show a 12.2% jump, the highest in seven years. Two american cities, denver and dallas are posting all time highs. Rebecca var jis has all the details. Reporter: Enrique jauregui is the quinessential first time home buyer. He wants in. I'm sure there is going to be deals that can be had. It's tough to find them. Reporter: The city's hardest hit showing the biggest rebound in prices like miami where enrique lives, prices up 14%. Phoenix and las vegas up more than 20%. San francisco up a whopping 24.5% since last year. I do think housing is going to kick into a higher gear. We're going to build more homes and see a stronger house price. R. Reporter: A challenge for first time homeowners. They are competing against people that are offering cash offers. Reporter: It used to be first time buyers made up half of home sales. With this year with pricing surging investors with cash are tipping the scales. The bigger picture points to something that could help everyone. Because housing is key to the economic recovery. We're not going to get unemployment down unless we get housing up. How do you put your best foot forward. Tip one, have your bank run the numbers again. Sellers want to know that you can still afford their home after the rise that we've seen in mortgage rates. Tip two, be flexible on closing dates and moving arrangements. Be the backup buyer. Sometimes it pays to be number two. Look at this tonight from florida, the remains of a gas plant decimated last night by an

This transcript has been automatically generated and may not be 100% accurate.

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