YOY Increase: 20.4%
Blowing all the other cities out of the water is none other than Phoenix, which boasted an eye-popping 20.4% one-year gain from September 2011 to September 2012.
Of course, Phoenix led the way in August as well with an unmatched 18.8% gain. Its month-over-month rises in prices have consistently been near the top of the list, too.
It’s not all good news for housing in Phoenix, though. Earlier in the month, the city was No. 5 on our list of Top 10 Cities Underwater on Mortgages in Q3. Still, AZ Business Magazine maintains that an increase in manufacturing and the purchase of homes by investors has helped the area tremendously — and this double-digit rise in prices seems to agree.