U.S. Annual Home Value Appreciation Rate in July Hits 6 Percent for First Time Since 2006

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
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 press@zillow.com
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