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Quarterly Rank: 12
Quarterly Price Change: 1.3%
Annual Rank: 29
Annual Price Change: -15.4%
The U.S. was mired in recession for most of 2008, spelling doom for its housing market. Vacancy rates skyrocketed, with Los Angeles reporting a rate of 10% at the end of last year. But the U.S. is starting to see signs of recovery. Asking prices in several housing markets across the country increased in August, particularly in San Jose and San Diego, which experienced jumps of 1.7% and 1.3%, respectively. What's more, inventory levels declined in 22 of 26 markets, with San Francisco reporting a healthy contraction of 5.1%.