3 Reasons Your Home Is Rising In Value, Even In 'Hard Hit' Markets

NEW YORK (TheStreet) -- The housing market is growing so robust that even "hard-hit" regions are getting up off the mat and back in the fight.

In California, pending home sales are at a four-year high, according to the California Association of Realtors. That's increasing homebuyer competition and leading to multiple offers on many homes, the group says.

"The strong increase in January's pending home sales is an encouraging indication that we'll kick off the spring homebuying season on a solid start," says Don Faught, president of the association. "However, a low supply of available homes for sale will affect buyers, especially first-time buyers looking for more affordable, lower-priced homes, since they are having to compete with investors and all-cash buyers."

According to San Diego-based Data Quick, a real estate technology analytics firm, 13 of the most troubled U.S. housing markets also saw "significant" growth rates in the first 30 days of 2013.

Phoenix, Ariz., leads the way with a 24% increase on a year-to-year basis (from January 2012 through January 2013). Sacramento, Calif., clocks in second, at 15%, and Detroit hits third place at 14%.

Other "troubled' metro areas experiencing housing price gains include Las Vegas; Richmond, Va.; San Jose; Fort Myers, Fla.; San Diego; and Orlando, Fla.

Data Quick is, well, quick to point out that there is no way of knowing whether those price gains are for the long haul. "The January PIR reviews whether or not there is justification for these elevated growth rates, or if these growth rates are evidence of a new bubble forming in these areas," says Gordon Crawford, vice president of analytics at the company. "Although these markets are rebounding, there is uncertainty as to whether or not they will sustain consistent growth."

For now, though, growth it is, and at a steady, upward rate. Why the ramp-up in home values? Experts cite three reasons:

Employment is up. Data Quick says the U.S. jobs market is "steadily improving," and that has fueled home price gains in those hard-hit markets and other metro areas, as well.