SEATTLE, March 25, 2016 /PRNewswire/ -- Homes were worth
more than ever before in 26 percent of U.S. housing
marketsi, indicating those markets are close to a full
recovery, according to the February Zillow® Real Estate Market
Reportsii.
Over the past year, housing markets in the South, especially
Texas and Tennessee, have joined Western housing markets
blowing past their previous median home value highs. Dallas home values set a new record at
$180,700 in February, up 13.7 percent
from last February. Louisville, KY
values rose 13.2 percent to $146,100,
and Nashville home values rose 9.5
percent to a median of $189,100.
The national Zillow Home Value Indexiii was
$184,600 in February, 5.9 percent
below the record median home value set in mid-2007.
The record-high prices, combined with low inventory, make it
difficult to buy a home in many markets, especially for renters
trying to save for a down payment amongst historically high rental
costs.
Median home values in hot Western markets such as Denver and San
Jose continued to zoom past previous highs with double-digit
growth, but other markets have more quietly surpassed their
previous peaks and continue to grow.
Many experts surveyed in the November
2015 Zillow Home Price Expectations Surveyiv said
they are concerned homes in San
Francisco, Seattle,
San Diego, and Los Angeles are overvalued and approaching
bubble conditions.
"These new records mean we're no longer making up ground lost
during the housing recession --we're laying a new path
forward, based on demand for housing and economic growth throughout
the economy" said Zillow Chief Economist Dr. Svenja Gudell. "In some markets, these new highs
are a return to normalcy. The fact that other markets are
still off by double digits may not mean those markets are far from
being recovered. It just highlights how extraordinarily inflated
home values had been during the housing bubble."
The Zillow Rent Indexv continued to rise in February,
but at a slower rate, as new construction provided much-needed
supply to rental markets. Of the top 35 metros, only San Francisco saw double digit rent
appreciation, on an annual basis, at 10.5 percent.
Rents are rising at 2.6 percent year-over-year, which is in-line
with income growth expectations for the year. The Zillow Rent
Forecastvi indicates rent will continue to slow
significantly over the next year.
Metro
|
Feb.
2016
Zillow Home
Value Index
|
YoY Home Value
Change
|
Percent From
All-Time High
|
Zillow Rent
Index
|
United
States
|
$
184,600
|
4.3%
|
-5.9%
|
$
1,383
|
New York/Northern New
Jersey
|
$
383,900
|
2.2%
|
-13.9%
|
$
2,401
|
Los Angeles-Long
Beach-Anaheim, CA
|
$
561,000
|
6.1%
|
-8.1%
|
$
2,507
|
Chicago,
IL
|
$
193,500
|
3.2%
|
-21.3%
|
$
1,631
|
Dallas-Fort Worth,
TX
|
$
180,700
|
13.7%
|
0.0%
|
$
1,506
|
Philadelphia,
PA
|
$
203,900
|
1.6%
|
-12.4%
|
$
1,554
|
Houston,
TX
|
$
170,800
|
6.6%
|
0.0%
|
$
1,575
|
Washington,
DC
|
$
358,700
|
0.6%
|
-16.9%
|
$
2,110
|
Miami-Fort
Lauderdale, FL
|
$
228,800
|
10.5%
|
-25.4%
|
$
1,838
|
Atlanta,
GA
|
$
162,300
|
6.4%
|
-6.6%
|
$
1,280
|
Boston, MA
|
$
387,400
|
5.9%
|
0.0%
|
$
2,250
|
San Francisco,
CA
|
$
792,600
|
10.9%
|
0.0%
|
$
3,350
|
Detroit,
MI
|
$
122,600
|
6.5%
|
-22.0%
|
$
1,143
|
Riverside,
CA
|
$
300,400
|
6.0%
|
-25.5%
|
$
1,695
|
Phoenix,
AZ
|
$
218,300
|
8.1%
|
-21.1%
|
$
1,257
|
Seattle,
WA
|
$
373,000
|
9.4%
|
-1.9%
|
$
1,946
|
Minneapolis-St Paul,
MN
|
$
218,600
|
4.5%
|
-9.7%
|
$
1,501
|
San Diego,
CA
|
$
503,400
|
5.8%
|
-6.5%
|
$
2,338
|
St. Louis,
MO
|
$
141,500
|
6.0%
|
-11.0%
|
$
1,123
|
Tampa, FL
|
$
163,000
|
9.2%
|
-25.3%
|
$
1,301
|
Baltimore,
MD
|
$
245,200
|
2.0%
|
-15.4%
|
$
1,713
|
Denver, CO
|
$
326,300
|
14.5%
|
0.0%
|
$
1,959
|
Pittsburgh,
PA
|
$
125,700
|
0.9%
|
-0.1%
|
$
1,098
|
Portland,
OR
|
$
315,800
|
13.4%
|
0.0%
|
$
1,699
|
Charlotte,
NC
|
$
159,000
|
5.0%
|
0.0%
|
$
1,220
|
Sacramento,
CA
|
$
335,700
|
8.2%
|
-20.3%
|
$
1,608
|
San Antonio,
TX
|
$
148,800
|
6.3%
|
0.0%
|
$
1,297
|
Orlando,
FL
|
$
183,200
|
7.8%
|
-29.5%
|
$
1,345
|
Cincinnati,
OH
|
$
142,900
|
3.9%
|
-0.9%
|
$
1,221
|
Cleveland,
OH
|
$
124,800
|
2.3%
|
-13.4%
|
$
1,114
|
Kansas City,
MO
|
$
147,500
|
6.0%
|
-7.5%
|
$
1,212
|
Las Vegas,
NV
|
$
201,900
|
9.0%
|
-33.8%
|
$
1,210
|
Columbus,
OH
|
$
152,300
|
4.7%
|
0.0%
|
$
1,270
|
Indianapolis,
IN
|
$
130,400
|
3.3%
|
-6.8%
|
$
1,181
|
San Jose,
CA
|
$
938,700
|
11.4%
|
0.0%
|
$
3,453
|
Austin, TX
|
$
245,500
|
9.0%
|
0.0%
|
$
1,686
|
About 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
biannual 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 is a registered trademark of Zillow, Inc.
i These markets reached new peak levels during 2015
or 2016.
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.
iii 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.
iv This edition of the Zillow Home Price Expectations
Survey surveyed 108 experts between November
5th and November 23rd, 2015 about their
expectations for the housing market. The survey was conducted by
Pulsenomics LLC on behalf of Zillow, Inc.
v 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.
vi The Zillow Rent Index forecast is based on recent
and historical trends in rents, and is calculated using ARIMA times
series models. It is adjusted to account for seasonality and
geographic consistency.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/homes-worth-more-than-ever-before-in-more-than-a-quarter-of-us-housing-markets-300241496.html
SOURCE Zillow