SEATTLE, Dec. 22, 2016 /PRNewswire/ -- In November,
national home values rose at their fastest annual pace since 2006,
near the peak of the housing bubble. The Zillow® Home Value
Indexi (ZHVI) is $192,500, 2 percent shy of the records set in
2007, according to the November Zillow Real Estate Market
Reportsii.
Rents, which were the big story of 2016 as they rose at a record
pace, have slowed considerably to a 1.5 percent annual appreciation
rate; this rate is expected to continue into 2017. The median
monthly rent payment in the U.S. is now $1,403.
Home values were 6.5 percent higher this November than last.
Strong growth is especially evident in a handful of new powerhouse
markets, including Seattle,
Denver, Portland and Dallas, whose strong job markets attracted new
home buyers over the last year.
At their fastest pace, home values across the country were
appreciating about 11 percent year-over-year. When the bubble
burst, home values plummeted, falling 7.4 percent year-over-year
during the depths of the crisis, and then began a steady recovery
in 2012.
"Home value growth continues to be strong, supported by solid
buyer demand and still limited for-sale inventory in many markets
across the country," said Zillow Chief Economist Dr. Svenja Gudell. "Conditions today are very
different than the ones we saw back in 2006, which was the last
time we saw home values rising this fast. Rampant real estate
speculation and loose mortgage credit have been replaced by the
sound economic fundamentals we are seeing now."
Portland, Seattle and Dallas reported the highest year-over-year
home value appreciation among the 35 largest U.S. metros.
Portland home values rose 14
percent to a median value of $351,800. Both Seattle and Dallas home values rose 12 percent since last
November.
Seattle reported the fastest
rent appreciation of the 35 largest U.S. metros for the sixth month
in a row, up almost 9 percent annually. Portland and Sacramento follow Seattle, with rents up about 7 percent.
Inventory still remains an issue for home buyers across the
country. There are 6 percent fewer homes to choose from than a year
ago, with Boston, Indianapolis and Kansas City reporting the greatest drop. In
Boston, there are 26 percent fewer
homes to choose from than a year ago, and 21 percent fewer in
Indianapolis and Kansas City.
Metropolitan
Area
|
Zillow
Home Value
Index (ZHVI)
|
Year-over-
Year ZHVI
Change
|
Zillow Rent
Index (ZRI)
|
Year-over-
Year ZRI
Change
|
Year-over-Year
Inventory
Change
|
United
States
|
$
192,500
|
6.5%
|
$
1,403
|
1.5%
|
-5.9%
|
New York,
NY
|
$
400,500
|
6.0%
|
$
2,389
|
0.5%
|
-10.4%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$
590,000
|
6.3%
|
$
2,616
|
5.2%
|
-7.1%
|
Chicago,
IL
|
$
203,400
|
5.0%
|
$
1,637
|
-0.1%
|
-10.2%
|
Dallas-Fort Worth,
TX
|
$
200,400
|
12.0%
|
$
1,556
|
4.0%
|
-13.9%
|
Philadelphia,
PA
|
$
213,800
|
4.1%
|
$
1,574
|
1.0%
|
-12.3%
|
Houston,
TX
|
$
176,000
|
7.0%
|
$
1,562
|
-1.1%
|
0.6%
|
Washington,
DC
|
$
378,000
|
2.9%
|
$
2,123
|
0.6%
|
-18.8%
|
Miami-Fort
Lauderdale, FL
|
$
245,200
|
8.8%
|
$
1,879
|
3.1%
|
11.8%
|
Atlanta,
GA
|
$
172,300
|
7.5%
|
$
1,329
|
4.3%
|
-5.7%
|
Boston, MA
|
$
408,400
|
6.1%
|
$
2,322
|
3.5%
|
-25.5%
|
San Francisco,
CA
|
$
824,600
|
4.9%
|
$
3,385
|
1.8%
|
-5.0%
|
Detroit,
MI
|
$
134,400
|
9.4%
|
$
1,169
|
3.2%
|
-17.2%
|
Riverside,
CA
|
$
318,200
|
6.7%
|
$
1,742
|
3.1%
|
-8.1%
|
Phoenix,
AZ
|
$
228,900
|
6.9%
|
$
1,301
|
4.1%
|
-1.4%
|
Seattle,
WA
|
$
412,600
|
12.2%
|
$
2,095
|
8.8%
|
-6.5%
|
Minneapolis-St Paul,
MN
|
$
235,000
|
6.6%
|
$
1,552
|
3.3%
|
-18.2%
|
San Diego,
CA
|
$
526,500
|
6.1%
|
$
2,436
|
5.2%
|
2.8%
|
St. Louis,
MO
|
$
147,800
|
6.8%
|
$
1,123
|
0.1%
|
-14.5%
|
Tampa, FL
|
$
177,200
|
11.2%
|
$
1,336
|
3.2%
|
-10.7%
|
Baltimore,
MD
|
$
256,600
|
3.6%
|
$
1,729
|
0.7%
|
-16.0%
|
Denver, CO
|
$
352,800
|
9.7%
|
$
2,006
|
2.8%
|
4.0%
|
Pittsburgh,
PA
|
$
133,400
|
4.8%
|
$
1,081
|
-1.4%
|
0.3%
|
Portland,
OR
|
$
351,800
|
14.1%
|
$
1,802
|
7.1%
|
-3.6%
|
Charlotte,
NC
|
$
166,600
|
7.1%
|
$
1,244
|
1.8%
|
-10.4%
|
Sacramento,
CA
|
$
350,200
|
7.5%
|
$
1,707
|
6.8%
|
-6.3%
|
San Antonio,
TX
|
$
156,200
|
6.5%
|
$
1,324
|
1.6%
|
12.8%
|
Orlando,
FL
|
$
198,100
|
9.9%
|
$
1,383
|
3.1%
|
-11.1%
|
Cincinnati,
OH
|
$
147,800
|
5.6%
|
$
1,243
|
1.5%
|
-16.3%
|
Cleveland,
OH
|
$
130,600
|
5.2%
|
$
1,145
|
1.6%
|
-10.8%
|
Kansas City,
MO
|
$
151,900
|
5.9%
|
$
1,241
|
3.8%
|
-20.5%
|
Las Vegas,
NV
|
$
213,700
|
9.6%
|
$
1,243
|
2.4%
|
26.0%
|
Columbus,
OH
|
$
160,400
|
3.9%
|
$
1,293
|
1.7%
|
-18.9%
|
Indianapolis,
IN
|
$
133,600
|
1.5%
|
$
1,188
|
0.3%
|
-20.7%
|
San Jose,
CA
|
$
961,600
|
4.3%
|
$
3,486
|
1.9%
|
-14.4%
|
Austin, TX
|
$
259,800
|
8.4%
|
$
1,701
|
0.9%
|
11.9%
|
Zillow
Zillow® is the leading real estate and rental
marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with the best local professionals who can help. In
addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of
economists and data analysts produce extensive housing data and
research covering more than 450 markets at Zillow Real Estate
Research. Zillow also sponsors the quarterly Zillow Home Price
Expectations Survey, which asks more than 100 leading economists,
real estate experts and investment and market strategists to
predict the path of the Zillow Home Value Index over the next five
years. Zillow also sponsors the bi-annual Zillow Housing Confidence
Index (ZHCI) which measures consumer confidence in local housing
markets, both currently and over time. Launched in 2006, Zillow is
owned and operated by Zillow Group (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow and Zestimate are registered trademarks of Zillow,
Inc.
|
|
|
i The
Zillow Home Value Index (ZHVI) is the median estimated home value
for a given geographic area on a given day and includes the value
of all single-family residences, condominiums and cooperatives,
regardless of whether they sold within a given period. It is
expressed in dollars, and seasonally adjusted.
|
ii The
Zillow Real Estate Market Reports are a monthly overview of the
national and local real estate markets. The reports are compiled by
Zillow Real Estate Research. For more information, visit
www.zillow.com/research/. The data in Zillow's Real Estate Market
Reports are aggregated from public sources by a number of data
providers for 928 metropolitan and micropolitan areas dating back
to 1996. Mortgage and home loan data are typically recorded in each
county and publicly available through a county recorder's office.
All current monthly data at the national, state, metro, city, ZIP
code and neighborhood level can be accessed at
www.zillow.com/local-info/ and
www.zillow.com/research/data.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-values-rise-at-fastest-pace-since-2006-300382825.html
SOURCE Zillow