U.S. Annual Home Value Appreciation Rate in July Hits 6 Percent for First Time Since 2006 Annual Appreciation in a Handful of Calif., Southwest Metros Exceeds 30 Percent as Recovery Enters New Phase, According to Zillow PR Newswire SEATTLE, Aug. 20, 2013 SEATTLE, Aug. 20, 2013 /PRNewswire/ -- National home value appreciation rose again in July, up 0.4 percent from June to a Zillow® Home Value Index[i] of $161,600, according to the July Zillow Real Estate Market Reports[ii]. Home values were up 6 percent year-over-year in July, the 14^th straight month of annual appreciation and the first time year-over-year appreciation rates have reached 6 percent since 2006. Monthly home values have risen in 20 of the past 21 months, beginning in November 2011 after the U.S. market bottomed in October of that year. The 6 percent national rate of annual appreciation is the highest since August 2006. Of the 393 metros covered in July, 289 (73.5 percent) registered month-over-month appreciation, and 303 (77.1 percent) showed annual appreciation. All 30 of the largest metro areas covered by Zillow registered both monthly and annual appreciation in July, and all have hit their bottom and are expected to show appreciation in the next 12 months. Metros with the largest annual gains in July included Sacramento (33.1 percent), Las Vegas (30.8 percent) and San Francisco (27.8 percent). For the 12-month period from July 2013 to July 2014, U.S. home values are expected to rise another 4.8 percent to approximately $169,308, according to the Zillow Home Value Forecast[iii]. Large metro areas expected to show the most appreciation over the next year include Sacramento (19.6 percent), Riverside (19.2 percent) and San Francisco (13.2 percent). "After three straight months of annual home value appreciation above 5 percent, the U.S. housing market recovery has proven it is on very sound footing. We have entered a new phase in the recovery when we can begin to turn away from ugly recent history and turn toward what the housing market of the future will look like and how it will act. The time to have these discussions is now, and recent efforts by President Obama and both parties in the House and Senate to begin addressing still-lingering structural issues related to housing finance are very encouraging," said Zillow Chief Economist Dr. Stan Humphries. "It may be tempting to look at how the market is currently performing and think that tackling GSE reform and other large issues is no longer necessary. But while we can afford to turn away from the recent past, we cannot afford to forget it, and simply ignoring these problems only dooms us to repeat them. How we handle these all-important policy debates will be critical in keeping the housing market on sound footing for years to come." National rents also rose in July compared with June, up 0.5 percent to a Zillow Rent Index[iv] of $1,287. Year-over-year, national rents were up 1.7 percent in July. The number of completed foreclosures in July fell to 4.9 homes foreclosed out of every 10,000 homes nationwide, down from 5.2 homes in June. Foreclosure resales represented 8.7 percent of homes sold in the U.S. in July, down 0.7 percentage points from June and 3.4 percentage points from July 2012. Zillow Home Value Index (ZHVI) Zillow Rent Index (ZRI) Metropolitan July 2013 Month-Month Year-Year July Month-Month Year-Year Areas ZHVI % Change % Change 2013 % Change % Change ZRI United States $161,600 0.4% 6.0% $1,287 0.5% 1.7% New York, NY $349,700 0.5% 2.2% --- --- --- Los Angeles, CA $475,600 2.0% 21.5% $2,308 0.3% 1.2% Chicago, IL $167,400 1.5% 2.9% $1,535 0.5% 0.7% Dallas-Fort $136,700 1.1% 7.1% $1,345 0.2% 3.0% Worth, TX Philadelphia, PA $190,300 0.5% 1.8% $1,500 0.4% 0.4% Washington, DC $339,400 1.1% 8.2% $2,082 0.2% 1.3% Miami-Fort $167,800 1.8% 13.5% $1,648 0.8% 3.5% Lauderdale, FL Atlanta, GA $123,900 2.2% 10.1% $1,133 0.1% 0.6% Boston, MA $338,000 1.4% 8.4% $1,997 0.3% 4.0% San Francisco, CA $628,200 2.6% 27.8% $2,549 0.0% 2.7% Detroit, MI $91,600 1.6% 16.5% $1,036 1.8% 1.1% Riverside, CA $234,300 3.5% 27.3% $1,584 0.3% 2.6% Phoenix, AZ $179,400 2.5% 22.2% $1,147 -0.3% 0.0% Seattle, WA $302,600 2.3% 15.3% $1,660 0.3% 3.2% Minneapolis-St $191,800 1.2% 12.5% $1,458 0.1% 1.4% Paul, MN San Diego, CA $428,900 2.1% 23.1% $2,143 0.3% 3.0% St. Louis, MO $128,900 0.2% 1.4% $1,080 0.7% -1.7% Tampa, FL $125,000 2.4% 12.8% $1,205 0.3% 2.8% Baltimore, MD $230,300 1.2% 5.7% $1,677 0.3% 0.3% Denver, CO $245,100 1.6% 13.4% $1,564 0.4% 5.0% Pittsburgh, PA $113,400 0.8% 2.8% $992 -2.1% -5.2% Portland, OR $253,700 1.8% 14.9% $1,427 0.3% 3.6% Sacramento, CA $274,600 2.9% 33.1% $1,462 0.4% -0.3% Orlando, FL $139,700 1.6% 15.1% $1,242 0.2% 3.5% Cincinnati, OH $126,800 0.9% 2.3% $1,132 0.2% 10.4% Cleveland, OH $116,100 1.0% 4.6% $1,107 0.2% 2.9% Las Vegas, NV $151,600 2.5% 30.8% $1,155 0.2% 0.3% San Jose, CA $735,700 2.2% 25.1% $2,669 0.6% 3.5% Columbus, OH $132,200 0.9% 5.6% $1,182 0.4% 2.1% Charlotte, NC $138,000 0.8% 2.8% $1,146 -0.1% 1.0% About Zillow: Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. 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 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. The Zillow, Inc. portfolio includesZillow.com®,Zillow Mobile, Zillow Mortgage Marketplace,Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Agentfolio™, Mortech® and HotPads™. The company is headquartered in Seattle. Zillow.com, Zillow, Postlets, Diverse Solutions and Mortech are registered trademarks of Zillow, Inc. Agentfolio, HotPads and Digs are trademarks of Zillow, Inc. [i] The Zillow Home Value Index 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 is aggregated from public sources by a number of data providers for 929 metropolitan and micropolitan 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. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/local-info/. [iii] The Zillow Home Value Forecast uses data from past home value trends and current market conditions, including leading indicators like home sales, months of housing inventory supply and unemployment, to predict home values over the next 12 months for the nation and for more than 250 markets across the country. [iv] 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. Website: http://www.zillow.com Contact: Cory Hopkins, Zillow, 206-757-2701 or firstname.lastname@example.org
U.S. Annual Home Value Appreciation Rate in July Hits 6 Percent for First Time Since 2006
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