The housing market is getting back on its a-game as average US home prices strengthen in some parts of the country.
In the third quarter, home prices rose 1.3 percent, making it the biggest quarterly gain of the market since 2006, Zillow reported.
But the pace of the recovering market is uneven. Home values are growing at a fast pace in some areas while in other areas, the grass isn't as green.
"We're likely seeing home values fall back into the negative range in some markets due to the close of the traditional home-buying season," said Zillow Chief Economist Dr. Stan Humphries.
"While that doesn't mean the recovery has come off the rails - in fact, most markets have hit bottom - it does present a confusing environment for consumers."
Confirmed by Zillow, prices compared with the year prior jumped up more than 20 percent in the phoenix metro area. But region home values in Atlanta dropped nearly 5 percent and continued to fall.
Zillow predicts that a modest rise for the market next year would be a 1.7 percent increase.
The Federal Reserve began its two days of meeting early Tuesday morning, and no change is expected to be made on its third round of bond buying.
The Feds are most likely to suggest giving the bonds buying some time to prove its ability at the meetings. Their plan includes buying mortgage bonds and keeping short-term interest rates at record lows.
The government group might also discuss ways to extend the bond buying program in the near future.
