Home Prices See Largest Gain In Six Years - ABC FOX MONTANA NEWS, WEATHER, SPORTS - KTMF/KWYB

Home Prices See Largest Gain In Six Years

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BOZEMAN -

Homes across the country are seeing a big jump in price. Prices increased about 12.2 percent in the last year. That's the largest yearly jump since 2006.

The Standard and Poor's Case-Shiller Home Price Index released Tuesday shows prices went up 2.4 percent from April to May this year.

All of cities the index follows showed increases compared to a year ago with home values in Denver and Dallas seeing their highest levels since 2000.

The index says the increase in prices is due to simple supply and demand with more people trying to purchase fewer homes on the market.

That means more people are looking at homes, even in Bozeman.

Camie Smith's home just came off the market after being for sale for 13 months.

"It was very slow," said Smith. "The first year I didn't have very many showings and since this last month or so it's increased greatly."

Even though home prices are going up they are still about 25 percent lower than where they peaked before the recession.

Bozeman area home values were among the hardest hit in the state when the housing bubble burst.

Smith said she hopes Bozeman's market is back on the mend.

"This community was hit hard and things do seem to be selling a little better," said Smith.  "I am hopeful I am in a trend that is positive."

According to the survey, the regions seeing the most gains in property values are the same regions that were hit the worst during the recession.

The cities in the index with the smallest yearly gain were New York, Cleveland and Washington D.C.

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