(FORTUNE Magazine) – A quiz: In which U.S. city did median home prices shoot up most sharply in the 12 months ended in September? (a) Honolulu, (b) Waterloo, Iowa, or (c) Beverly Hills?

The answer is cold and flat Waterloo, where housing prices jumped by 17.2%, says the National Association of Realtors. One reason: Farm equipment giant John Deere went on a local hiring spree.

It's a far cry from Honolulu, where prices slid 6%. "Trouble in Asia has damaged everything in Hawaii," says NAR economist Jason Altman. But don't get hopeful--at $315,000 a house, paradise still isn't cheap. --Amy Kover

CHANGE IN REAL ESTATE VALUES OVER THE PAST YEAR

TOP THREE

Metropolitan area % change 3rd-qtr. vs. 1 year ago price

Waterloo, Iowa 17.2% $68,200 Kalamazoo, Mich. 14.5% $100,900 Fort Lauderdale, Fla. 11.3% $125,500

BOTTOM THREE

Honolulu -6% $315,000 Beaumont, Texas -4.4% $67,100 Hartford, Conn. -3.8% $141,000

SOURCE: NATIONAL ASSOCIATION OF REALTORS