Though prices haven't fully recovered, homes in San Francisco are among the most expensive in the country, and builders are looking to cash in. The area is on track to have almost twice as many building permits filed this year as it has had in previous years, says Jed Kolko, economist with Trulia, an online real estate website.
Known as "Silicon Hills," the area is home to Dell and other tech companies that have helped support its growing housing market. Sales in central Texas have risen 8% during the past year. And, unlike San Francisco, the Austin area is still relatively affordable. About half of all homes for sale in Austin are within reach of middle income Americans, compared to 14% in San Francisco, according to Trulia.
In May, a widely watched index that tracks the health of the U.S. housing market showed Denver's home price index level was 140.98% higher than it was in its benchmark month -- close to its previous level of 140.28% from August 2006. It joined Dallas in one of the first instances of any city reaching such new heights.