Today eppraisal.com released its National Real Estate Market Analysis report for 186 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the last three months ending May 2009 with homes sold in the previous three months beginning on December 2008 and ending February 2009.

For the first time this year, more than half of the markets tracked by eppraisal.com saw an increase in the median home value. Of the 97 markets that saw positive gains, more than 25 percent of those markets saw a double-digit increase in the median home value. For example, in the Ohio markets of Columbus, Sandusky, Lima, and Cleveland-Elyria, all saw double-digit increases of 12.7 percent, 23.1 percent, 26.7 percent, and 29.9 percent respectively. Overall, increases were seen across most states. Ithaca, NY, saw an increase of 16.9 percent to a median home value of $159,000, Fairbanks, AK, increased by 9.3 percent to a median home value of $225,506, and Boston-Quincy, Mass., areas increased by 7.1 persent to a median value of $300,000.

In the previous report, smaller markets led the list with overall increases in home values; however, larger markets have begun to make a comeback as well. For example, San Jose-Sunnyvale and Santa Clara, Calif., saw an increase of 8.4 percent to a median value of $439,000. San Francisco-San Mateo, Calif., was up 10.4 percent to a median value of $635,000, and Chicago-Naperville, Ill., saw an increase of 3.1 percent to a median value of $115,000. This is the second time this year that San Francisco has seen an increase in home values. For the first time this year there are more positive markets in California than negative.

On the other side of the country, Florida leads the list with the most declines, with 14 of the 19 markets tracked by eppraisal.com showing declines in the median home value. In Jacksonville, Fla., home prices dropped 3.9 percent to a median home value of $152,900. In the Tampa-St. Petersburg area, home values dropped 3 percent to a median value of $125,000. The Orlando-Kissimmee area dropped 8.5 percent to a median home value of $151,000.

Overall, the markets are showing signs of recovery and surprisingly less than five percent of the markets tracked by eppraisal.com saw more than a 10 percent drop in home values. This is down from the more than 30 percent of markets seeing a 10 percent or higher decline in the median home value that was reported in the March 2009 report.

See a complete list of rankings.

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