SEATTLE, May 24, 2018 /PRNewswire/ -- National median home
values are rising at their fastest pace in 12 years, according to
the April Zillow® Real Estate Market Reporti. Over
the past year, home values across the country rose 8.7 percent to a
median value of $215,600.
Home values have not appreciated this quickly since June 2006, right before the housing bubble bust,
when they were appreciating 9 percent annually. U.S. home values
are now higher than they have ever been, and home values in 21 of
the 35 largest housing markets have surpassed peak value hit during
the height of the housing boom over a decade ago.
"Home values are rising faster than we've seen in a very long
time: The spring home shopping season has been a perfect storm of
strong demand and tight supply," said Zillow senior economist
Aaron Terrazas. "Sluggish new
construction has exacerbated the supply situation and homes that
are hitting the market, are moving very quickly once they do.
Americans are also in a spending mood, boosted by recent tax cuts
and rising wages. Millennials who long delayed becoming homeowners,
are out in force – a shift we're also seeing in softer rent
appreciation."
Home values are appreciating the fastest in San Jose, Las
Vegas, and Seattle. In
San Jose, home values rose 26
percent to a median of $1,263,900. In
Las Vegas and Seattle, home values rose 16.5 percent and
13.6 percent, respectively.
Median rent across the nation rose 2.5 percent over the past
year to a median payment of $1,449
per month. Sacramento, Calif.,
Riverside, Calif., and
Las Vegas reported the greatest
year-over-year rent appreciation among the 35 largest U.S. metros.
In Sacramento and Riverside, median rent rose 7 percent and in
Las Vegas, median rent rose 4.5
percent.
April ended with mortgage rates on
Zillowii at 4.35 percent, after starting the
month at 4.20 percent. April mortgage rates peaked toward the end
of the monthiii at 4.42 percent, the highest rate since
the beginning of 2013iv, and hit a month low in the
first few weeks of the monthv when rates were at 4.19
percent. Zillow's real-time mortgage rates are based on
thousands of custom mortgage quotes submitted daily to anonymous
borrowers on the Zillow Mortgages site and reflect the most recent
changes in the market.
Metropolitan
Area
|
Zillow Home
Value
Indexvi (ZHVI)
|
ZHVI Year-
Over-Year
Change
|
Percent Fall
from Peak
Home Value Hit
During Housing
Bubble
|
Zillow Rent
Indexvii (ZRI)
|
ZRI Year-
Over-Year
Change
|
United
States
|
$
215,600
|
8.7%
|
0.0%
|
$
1,449
|
2.5%
|
New York,
NY
|
$
424,800
|
7.3%
|
-6.2%
|
$
2,401
|
0.8%
|
Los Angeles-
Long Beach-
Anaheim, CA
|
$
644,600
|
8.4%
|
0.0%
|
$
2,759
|
3.9%
|
Chicago,
IL
|
$
218,000
|
5.5%
|
-14.2%
|
$
1,653
|
1.7%
|
Dallas-Fort
Worth, TX
|
$
225,100
|
11.2%
|
0.0%
|
$
1,605
|
1.9%
|
Philadelphia,
PA
|
$
225,300
|
5.8%
|
-5.1%
|
$
1,581
|
1.1%
|
Houston,
TX
|
$
195,500
|
4.7%
|
0.0%
|
$
1,561
|
1.2%
|
Washington,
DC
|
$
398,900
|
4.5%
|
-8.4%
|
$
2,149
|
1.5%
|
Miami-Fort
Lauderdale, FL
|
$
269,100
|
7.5%
|
-13.6%
|
$
1,867
|
1.2%
|
Atlanta,
GA
|
$
200,600
|
10.6%
|
0.0%
|
$
1,399
|
4.3%
|
Boston, MA
|
$
449,000
|
6.5%
|
0.0%
|
$
2,385
|
1.3%
|
San Francisco,
CA
|
$
947,500
|
11.4%
|
0.0%
|
$
3,425
|
2.1%
|
Detroit,
MI
|
$
151,600
|
8.9%
|
-4.8%
|
$
1,209
|
3.4%
|
Riverside,
CA
|
$
355,700
|
9.2%
|
-13.2%
|
$
1,894
|
7.0%
|
Phoenix,
AZ
|
$
253,100
|
8.6%
|
-10.9%
|
$
1,368
|
4.3%
|
Seattle,
WA
|
$
490,000
|
13.6%
|
0.0%
|
$
2,208
|
4.2%
|
Minneapolis-
St Paul, MN
|
$
258,700
|
7.8%
|
0.0%
|
$
1,644
|
4.1%
|
San Diego,
CA
|
$
585,600
|
8.4%
|
0.0%
|
$
2,549
|
3.6%
|
St. Louis,
MO
|
$
159,700
|
5.2%
|
0.0%
|
$
1,150
|
0.8%
|
Tampa, FL
|
$
202,900
|
12.4%
|
-9.2%
|
$
1,383
|
2.4%
|
Baltimore,
MD
|
$
262,700
|
4.4%
|
-12.0%
|
$
1,748
|
1.8%
|
Denver, CO
|
$
399,200
|
8.8%
|
0.0%
|
$
2,058
|
3.0%
|
Pittsburgh,
PA
|
$
138,400
|
6.5%
|
0.0%
|
$
1,083
|
1.8%
|
Portland,
OR
|
$
389,100
|
6.2%
|
0.0%
|
$
1,856
|
2.4%
|
Charlotte,
NC
|
$
192,900
|
11.0%
|
0.0%
|
$
1,301
|
3.7%
|
Sacramento,
CA
|
$
398,300
|
7.8%
|
-5.9%
|
$
1,853
|
7.0%
|
San Antonio,
TX
|
$
182,800
|
5.7%
|
0.0%
|
$
1,344
|
1.3%
|
Orlando,
FL
|
$
223,700
|
10.1%
|
-15.6%
|
$
1,448
|
3.5%
|
Cincinnati,
OH
|
$
157,200
|
5.1%
|
0.0%
|
$
1,282
|
2.2%
|
Cleveland,
OH
|
$
138,700
|
6.5%
|
-3.5%
|
$
1,150
|
0.3%
|
Kansas City,
MO
|
$
177,800
|
8.5%
|
0.0%
|
$
1,278
|
1.4%
|
Las Vegas,
NV
|
$
260,800
|
16.5%
|
-17.7%
|
$
1,305
|
4.5%
|
Columbus,
OH
|
$
180,000
|
9.2%
|
0.0%
|
$
1,332
|
2.6%
|
Indianapolis,
IN
|
$
149,200
|
6.6%
|
0.0%
|
$
1,204
|
1.3%
|
San Jose,
CA
|
$
1,263,900
|
26.2%
|
0.0%
|
$
3,529
|
2.0%
|
Austin, TX
|
$
293,100
|
5.3%
|
0.0%
|
$
1,687
|
-0.2%
|
Zillow Research
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
great real estate professionals. In addition, Zillow operates an
industry-leading economics and analytics bureau led by Zillow
Group'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. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
|
|
|
i 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.
|
ii Mortgage rates for a 30-year fixed
mortgage.
|
iii Month
high hit on April 25th.
|
iv January
5, 2013
|
v Month low was hit on April
4th, 6th, and 11th.
|
vi 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.
|
vii The Zillow Rent Index (ZRI) 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.
|
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SOURCE Zillow