Editorial note: This list is based on home value estimates, called Zestimatesfrom property search and valuation portal Zillow. The Zillow Home Value Index for a metro is the median Zestimate value in that area.

U.S. home values continued to rise this spring, according to an analysis by online real estate marketplace Zillow. As of May, national home values are up (0.5 percent) for the third month in a row, settling at $148,100.

Despite the spring season up-crawl – 0.5 percent in March, 0.8 percent in April – home values remain down (0.9 percent) on a yearly basis from last May when they stood at $149,445.

However, some hard-hit metros are seeing a sustained recovery in home values, including Phoenix and three Florida markets: Fort Myers (No. 2), Miami (No. 3) and Punta Gorda (No. 7). Fort Myers and Miami-Fort Lauderdale, Fla., saw 6.7 percent and 5.2 percent year-over-year home value increases, respectively, in May.

Familiar recovery front-runner Phoenix is living up to its name, topping the May list for its year-over-year home value increase of 9 percent to $133,400. High yearly increases in median list price as well as age and amount of inventory catapulted Arizona’s capitol metro to the top of Realtor.com’s Top Turnaround Town list in the first quarter of 2012.

Surging Denver captured the No. 10 spot in May with a 2.6 percent year-over-year home value increase to $209,000, the second highest home value of any metro in the top 10.

Honolulu (No. 9) has the by-far highest valuation in the top 10 at $489,000.

Tulsa, Okla. (No.4), and Oklahoma City (No. 6) are in the top 10, too, representing the "Sooner" state yet again as a Zillow Home Value Index list-topper in 2012.

Other metros in the top 10 are:

  • Grand Rapids, Mich. (No. 5)
  • Canton, Ohio (No. 8)

Location: Phoenix

 

Zillow Home Value Index $133,400
Year-over-year change in ZHVI (%) 9.0%

Phoenix skyline with Camelback Mountain in the background via Shutterstock

…CONTINUED

Location: Fort Myers, Fla.

 

Zillow Home Value Index $134,700
Year-over-year change in ZHVI (%) 6.7%

Fort Myers Beach in Fort Myers, Fla., via Shutterstock

…CONTINUED

Location: Miami-Fort Lauderdale, Fla.

 

Zillow Home Value Index $146,900
Year-over-year change in ZHVI (%) 5.2%

Miami Beach and luxury apartments image in Miami via Shutterstock

…CONTINUED

Location: Tulsa, Okla.

 

Zillow Home Value Index $101,000
Year-over-year change in ZHVI (%) 4.8%

Downtown Tulsa, Okla., via Flickr/?.???.Phan Ly Photography.On/Off

…CONTINUED

Location: Grand Rapids, Mich.

 

Zillow Home Value Index $107,800
Year-over-year change in ZHVI (%) 4.5%

Blue Bridge view of downtown in Grand Rapids, Mich., via Shutterstock

…CONTINUED

Location: Oklahoma City

 

Zillow Home Value Index $108,000
Year-over-year change in ZHVI (%) 4.3%

Oklahoma state capitol building in Oklahoma City via Shutterstock

…CONTINUED

Location: Punta Gorda, Fla.

 

Zillow Home Value Index $117,800
Year-over-year change in ZHVI (%) 3.5%

Punta Gorda, Fla., train station via Flickr/M. Keefe

…CONTINUED

Location: Canton, Ohio

 

Zillow Home Value Index $92,200
Year-over-year change in ZHVI (%) 3.0%

Canton Public Library in Canton, Ohio, via Flickr/tbower

…CONTINUED

Location: Honolulu, Hawaii

 

Zillow Home Value Index $489,000
Year-over-year change in ZHVI (%) 3.0%

Honolulu, Hawaii, via Shutterstock

…CONTINUED

Location: Denver

 

Zillow Home Value Index $209,700
Year-over-year change in ZHVI (%) 2.8%

Moonrise, downtown Denver via Shutterstock

Inman News reporter Paul Hagey compiled this report.

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