Housing Prices Increase Across America

David Muir reports the latest news on the nation's economy.
2:58 | 12/04/12

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Transcript for Housing Prices Increase Across America
we have the news that american home owners have been waiting to hear. The price of the family house is roaring back to life. Home prices up more than 6% across the country, and that's the biggest jump in six years. Abc's david muir is here to tell us what's ahead and which markets are causing the big stir tonight. Diane, we've been waiting to see a result like this. A jump for years now tracking the crisis since it started. Following families, entire neighborhoods as they waited for a rebound. When we went back to oneeet we couldn't believe the turnaround. Call it an early christmas gift for millions of americans who own homes. Tonight, new signs home values are finally on the rise again. The biggest spike, in arizona where home prices are up more than 21%. This is cortis street. Reporter: Perhaps you'll remember our drive down cortis street outside phoenix -- ground zerfor the housing crash. Foreclosed, for sale, for rent. 130 homes on the market in that one subdivision alone. AND sherri McBroom was trying to sell one of them. What did they buy the home for? 380,000. What is it listed at now? 130,000. Reporter: Our jaws dropping back then. And late today we were stunned again because that same realtor, sherri McBroom, told us home prices in that same neighborhood, up. There were 163 homes that sold in the last six months in that subdivision. Reporter: How many tonight? 17. Reporter: Real progress down that street? Absolutely. Reporter: In fact, in 2008 as the recession took its toll, the median price, $186,500,000, down 17,000, last year, down to 160,000 but tonight, that rebound. The median price back up to $178,600. Look at the top ten states where home price are rising fastest, nevada, california, florida and michigan. Hi, david. Reporter: In ann arbor evangelist that family gave us a tour of their newly built home. Another bright spot, the nation's biggest home builder, toll brothers, reporting tonight, orders have risen sharply. The evangelistas' home is one of them. It's a steal. Reporter: Behind it, dynamics and historic lows and home owners beginning to put their homes on the market. A low inventory and right now they're dealing with rock bottom prices. Reading in orlando, alone, inventory at seven-year low, home owners begin to come back on the market, good news because there are buyers waiting for hair homes. Great news. On that hard-hit street, what a turnaround great to go back. Thanks, david. From the hot housing market

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