5 Key Housing Markets to Watch in 2014
2014's fourth-hottest housing market: San Jose, Calif.
Silicon Valley's unofficial capital saw home values rise 15.6% last year to a $741,500 median -- the highest for any U.S. metro area over 1 million population -- but Zillow thinks the rally still has a way to go.
The firm expects median local prices to add another 5.3% this year, due partly to a better-than-average 6.8% jobless rate and a 3.1% population gain between 2010 and 2012."The tech mecca of San Jose and nearby Silicon Valley has been attracting the country's best and brightest young engineers and entrepreneurs for years, and will continue to be a magnet in 2014," Rao says. The economist admits he's concerned by the fact that median San Jose home values last month surpassed the peak reached during last decade's housing boom. "But for now, [the market] is expected to remain hot," Rao says. 2014's third-hottest housing market: Austin, Texas Zillow expects median Austin home values to rise 1.1% this year, thanks in part to Texas-sized population growth: 6.9% between 2010 and 2012.
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