U.S. Home Values Fall Slightly In August After Nine Consecutive Months Of
Rents Continue to Rise, Up 0.2% from July, According to August Zillow Real
Estate Market Reports
SEATTLE, Sept. 19, 2012
SEATTLE, Sept. 19, 2012 /PRNewswire/ --Home values fell for the first time in
nine months in August, declining 0.1 percent month-over-month to a Zillow®
Home Value Index[i] of $152,100, according to the August Zillow Real Estate
Market Reports[ii].Home values were up on a year-over-year basis, however,
increasing 1.7 percent from August 2011.
Major markets that saw home values edge downward from July to August after
experiencing prior increases included the Chicago (-0.7 percent), New York
(-0.3 percent) and Boston (-0.2 percent) metros. Home values continued to
climb in the Phoenix (1.6 percent) and Miami-Ft. Lauderdale (1 percent)
metros, although the rate of increase was smaller in August.
U.S. rents, however, continued to rise, climbing 0.2 percent month-over-month
and 5.9 percent year-over-year to a Zillow Rent Index[iii] of $1,280.
Nationally, rents have increased in seven out of the past 12 months. Rents
rose by double-digit percentages year-over-year in the Chicago metro (12.8
percent), the Baltimore metro (12.4 percent) and the Philadelphia metro (10.5
"Home values took a small hit in August, but this shouldn't be cause for
alarm," said Zillow Chief Economist Dr. Stan Humphries. "The back half of the
year is always softer than the front half, and this year is no
exception.We've been encouraging folks to focus on the longer term trends and
not monthly blips. Home values will rise a little and fall a little, month by
month, in the near future, but we believe the overall trend will remain
positive albeit still below normal rates of appreciation."
Foreclosures continued to decline in August, with 6 out of every 10,000 homes
in the country being foreclosed. That was down from 6.4 out of every 10,000
homes in July.
Metropolitan Areas Zillow Home Value Index Zillow Rent Index
Aug. 2012 MoM Change Aug. 2012 MoM Change
United States $ 152,100 -0.1% $1,280 0.2%
New York $340,200 -0.3% - -
Los Angeles $392,500 0.4% $2,296 0.3%
Chicago $160,800 -0.7% $1,547 1.0%
Dallas-Fort Worth $125,300 -1.1% $1,329 0.7%
Philadelphia $185,700 -0.3% $1,496 0.1%
Washington DC $313,200 0.0% $2,080 0.2%
Miami-Fort Lauderdale, Fla. $148,600 1.0% $1,597 0.2%
Atlanta $111,400 -1.5% $1,144 0.1%
Boston $310,500 -0.2% $1,970 1.0%
San Francisco $491,700 0.7% $2,475 0.0%
Detroit $77,600 -0.5% $1,035 0.1%
Riverside, Calif. $186,600 0.7% $1,545 -0.1%
Phoenix $147,000 1.6% $1,159 0.3%
Seattle $261,900 0.1% $1,635 0.4%
Minneapolis-St Paul, Minn. $169,500 -0.2% $1,461 0.3%
San Diego $351,300 0.9% $2,111 0.9%
Tampa, Fla. $109,800 0.0% $1,183 0.3%
St. Louis $123,700 -0.5% $1,133 0.4%
Baltimore $216,800 -0.3% $1,691 0.4%
Denver $217,100 0.8% $1,508 0.2%
Pittsburgh $108,800 -0.4% $1,042 -2.3%
Portland, Ore. $220,900 0.3% $1,407 0.4%
Sacramento, Calif. $207,400 0.5% $1,477 -0.1%
Orlando, Fla. $121,300 -0.2% $1,215 0.2%
Cincinnati $123,200 -0.4% $1,035 2.1%
Cleveland $109,300 -0.5% $1,082 0.0%
Las Vegas $120,300 1.1% $1,163 0.0%
San Jose, Calif. $589,200 0.7% $2,603 1.0%
Columbus $123,900 -0.7% $1,174 -0.4%
Charlotte $134,400 0.1% $1,151 0.7%
The full national report, in its interactive format, will be available at
www.zillow.com/local-info at 8 a.m. ET on Wednesday, Sept. 19. Additionally,
in most areas, data is available at the state, metro, county, city, ZIP code
and neighborhood levels. More market analysis of the monthly data can be found
at www.zillow.com/research, and a PDF of the Real Estate Market Reports can be
found at www.zillow.com/blog/research/data/.
About Zillow, Inc.
Zillow (NASDAQ: Z) is the leading real estate information marketplace,
providing vital information about homes, real estate listings and mortgages
through its mobile applications and websites, enabling homeowners, buyers,
sellers and renters to connect with real estate and mortgage professionals
best suited to meet their needs. In addition, Zillow operates an
industry-leading economics and analytics bureau led by Zillow's Chief
Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and
data analysts produce extensive housing data and research covering more than
350 markets at Zillow Real Estate Research. Zillow, Inc. operates Zillow.com®,
Zillow Mortgage Marketplace, Zillow Mobile, Postlets®, Diverse Solutions™ and
RentJuice®. The company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate, Postlets and RentJuice are registered
trademarks of Zillow, Inc. Diverse Solutions is a trademark of Zillow, Inc.
[i] The Zillow Home Value Index is the median Zestimate® valuation 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 data in Zillow's Real Estate Market Reports is aggregated from public
sources by a number of data providers for 276 core-based statistical areas
dating back to 1996. Mortgage and home loan data is typically recorded in each
county and publicly available through a county recorder's office.
[iii] The Zillow Rent Index is the median Rent Zestimate (estimated monthly
rental price) for a given geographic area on a given day, and includes the
value of all single-family residences, condominiums, cooperatives and
apartments in Zillow's database, regardless of whether they are currently
listed for rent. It is expressed in dollars.
SOURCE Zillow, Inc.
Contact: Katie Curnutte, Zillow, +1-206-757-2701, firstname.lastname@example.org
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