5 U.S. Cities Making Big Turnarounds

Median Phoenix/Mesa median list prices are up 27% over the past year to $164,900 -- the biggest percentage jump in any of the 146 markets Realtor.com covers.

Available listings have also plunged 48%, to 17,158, while median time on market is down 32.9% to 57 days.

Additionally, local unemployment has fallen to 7.5% from 8.7% a year ago.

Realtor.com Phoenix listings range in price from a $13,000 short-sale one-bedroom condo to an $11.9 million nine-bedroom estate.