Wait a second. At a time when real estate prices have been in almost perpetual free fall for more than a year, are there really places around the U.S. where home values are going up? Unbelievable as it may sound, yes. According to real estate site Zillow.com’s second-quarter home value index, there are more than 30 metro areas across the country where values have risen from the first quarter of the year to the second quarter. The winner? Boulder, Colo., the affluent Denver suburb where the share of homes with increasing values rose nearly 60%.

Methodology: The metros are ranked by the share of homes with rising values in the second quarter compared with the second quarter of 2008. The annual change is the year-over-year change in median values for the metro in Q2 compared with the same period last year. The quarterly change compares the second quarter with the first quarter. The ranking is based on Zillow.com’s Q2 Home Value Index, which is the median “Zestimate” for a given geography for a given time period. The Zestimateâ„¢ is Zillow’s estimated market value of a home. This figure is computed by taking many different data points from public records and entering them in a proprietary formula.

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