SEATTLE, July 26, 2018 /PRNewswire/ -- A decade after
the U.S. housing market crashed, half of the country's homes have
regained the value they lost during the recession, according to the
June Zillow® Real Estate Market Reporti.
Nationally, the median home value is $217,300, up 8.3 percent over the past year and
8.4 percent above the highest point of the housing bubble. The
median home value has surpassed its bubble peak level in 21 of the
nation's 35 largest housing markets.
In places that have seen some of the strongest growth since the
market crashed, nearly every home is now more valuable than it was
during the boom years. In Denver,
the typical home is worth $397,700,
which is 65.6 percent higher than its highest point in June 2006. In that market, 99.6 percent of all
homes are worth more than they were during the bubble.
While half of the country's homes have regained all of their
lost value, several markets are still trailing in the housing
recovery. Despite strong median home-value growth in recent months
in Las Vegas – home values have
grown at a double-digit pace for 15 consecutive months – less than
1 percent of homes there have fully recovered from the housing
bust.
"Even a decade after the 2008 Financial Crisis, and five-plus
years into the recovery, it's clear that the housing boom and bust
was felt very differently in various markets – and is still being
felt today in many," said Zillow Senior Economist Aaron Terrazas. "In markets like Las Vegas that got farthest ahead of
themselves during the boom, and consequently fell the most, a large
majority of homes are still not worth as much today as they were a
decade ago. But in markets like Denver that were more stable a decade ago,
many more homes are worth more now than ever before. Despite
widespread and consistent home value growth today, the scars of the
recession still run deep for millions of longer-term U.S.
homeowners, and it may take years of growth for their home to
regain the value lost a decade ago. And while stabilizing growth in
rents is likely a relief for those renters saving to become
homeowners, many of those would-be buyers in a number of the
nation's hottest markets will be contending with home prices that
are as high as they've ever been."
Rents rose at a 1.3 percent pace over the past year to a median
of $1,440. Rent appreciation has
slowed nationwide for four straight months and has now been below
the overall rate of inflation for two consecutive months.
Riverside and Sacramento saw the greatest annual rent
increases among the nation's largest metros, with rents growing by
more than 5 percent in each market.
A limited supply of homes for sale remains a challenge for home
shoppers. Inventory was down 4.8 percent from this time a year ago,
although the pace of the decline has slowed considerably. In
June 2017, inventory was falling at a
12.3 percent annual pace. Atlanta
saw the biggest annual decline in inventory, falling 15.7 percent
from June 2017.
Mortgage rates on Zillowii started and ended June at
4.33 percent. Mortgage rates peaked in mid-Juneiii at
4.43 percent. They hit the lowest point late in Juneiv
at 4.32 percent, before returning to 4.33 percent to end the month.
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
|
Share of Homes
Worth More
than Pre-
Recession Peak
|
June 2018
Zillow
Home
Value Index
(ZHVI)
|
ZHVI
YoY
Change
|
June
2018
Zillow
Rent
Index
(ZRI)
|
ZRI YoY
Change
|
Inventory
YoY
Change
|
United
States
|
50.4%
|
$ 217,300
|
8.3%
|
$ 1,440
|
1.3%
|
-4.8%
|
New York,
NY
|
28.5%
|
$ 429,300
|
6.7%
|
$ 2,375
|
0.5%
|
0.1%
|
Los Angeles-Long
Beach-Anaheim,
CA
|
64.4%
|
$ 646,300
|
7.6%
|
$ 2,752
|
2.8%
|
7.3%
|
Chicago,
IL
|
14.6%
|
$ 220,400
|
5.8%
|
$ 1,637
|
0.0%
|
-1.1%
|
Dallas-Fort
Worth,
TX
|
97.7%
|
$ 229,400
|
11.6%
|
$ 1,595
|
0.6%
|
36.9%
|
Philadelphia,
PA
|
35.9%
|
$ 228,100
|
5.9%
|
$ 1,567
|
0.2%
|
-7.2%
|
Houston,
TX
|
97.0%
|
$ 198,600
|
5.8%
|
$ 1,549
|
0.9%
|
-4.8%
|
Washington,
DC
|
22.1%
|
$ 399,500
|
4.2%
|
$ 2,132
|
0.6%
|
6.3%
|
Miami-Fort
Lauderdale, FL
|
9.6%
|
$ 272,900
|
7.7%
|
$ 1,860
|
0.8%
|
2.2%
|
Atlanta,
GA
|
64.3%
|
$ 204,600
|
11.6%
|
$ 1,394
|
3.6%
|
-15.7%
|
Boston, MA
|
83.0%
|
$ 455,600
|
7.2%
|
$ 2,363
|
0.5%
|
-1.5%
|
San Francisco,
CA
|
85.8%
|
$ 953,600
|
11.0%
|
$ 3,399
|
1.1%
|
3.6%
|
Detroit,
MI
|
32.5%
|
$ 154,900
|
9.7%
|
$ 1,194
|
3.1%
|
0.6%
|
Riverside,
CA
|
6.5%
|
$ 356,800
|
7.4%
|
$ 1,897
|
5.6%
|
9.9%
|
Phoenix,
AZ
|
12.5%
|
$ 254,700
|
8.0%
|
$ 1,365
|
2.9%
|
-9.4%
|
Seattle,
WA
|
97.3%
|
$ 492,700
|
11.4%
|
$ 2,176
|
1.9%
|
1.9%
|
Minneapolis-St
Paul, MN
|
61.3%
|
$ 261,300
|
7.6%
|
$ 1,637
|
2.6%
|
-4.3%
|
San Diego,
CA
|
63.4%
|
$ 583,700
|
6.6%
|
$ 2,541
|
2.0%
|
28.3%
|
St. Louis,
MO
|
51.3%
|
$ 161,400
|
5.5%
|
$ 1,139
|
0.0%
|
-6.0%
|
Tampa, FL
|
18.9%
|
$ 204,600
|
10.9%
|
$ 1,389
|
2.7%
|
-0.2%
|
Baltimore,
MD
|
8.7%
|
$ 264,800
|
5.0%
|
$ 1,740
|
0.9%
|
1.5%
|
Denver, CO
|
99.6%
|
$ 397,700
|
7.4%
|
$ 2,053
|
2.1%
|
-13.4%
|
Pittsburgh,
PA
|
87.8%
|
$ 141,300
|
7.9%
|
$ 1,082
|
0.8%
|
-12.5%
|
Portland,
OR
|
94.8%
|
$ 391,200
|
5.9%
|
$ 1,835
|
0.5%
|
18.9%
|
Charlotte,
NC
|
88.2%
|
$ 195,800
|
11.0%
|
$ 1,293
|
2.5%
|
9.1%
|
Sacramento,
CA
|
19.8%
|
$ 400,100
|
6.4%
|
$ 1,842
|
5.4%
|
-1.7%
|
San Antonio,
TX
|
98.8%
|
$ 185,000
|
5.6%
|
$ 1,334
|
0.2%
|
12.7%
|
Orlando,
FL
|
5.4%
|
$ 226,900
|
9.7%
|
$ 1,447
|
3.3%
|
-11.1%
|
Cincinnati,
OH
|
63.9%
|
$ 160,900
|
6.6%
|
$
1,275
|
1.4%
|
-6.6%
|
Cleveland,
OH
|
31.2%
|
$ 141,100
|
7.1%
|
$ 1,140
|
-0.1%
|
-8.8%
|
Kansas City,
MO
|
71.6%
|
$ 181,400
|
9.2%
|
$ 1,265
|
-0.3%
|
-3.6%
|
Las Vegas,
NV
|
0.8%
|
$ 264,300
|
15.0%
|
$ 1,304
|
4.1%
|
#N/A
|
Columbus,
OH
|
83.6%
|
$ 182,200
|
9.1%
|
$ 1,335
|
2.4%
|
-13.1%
|
Indianapolis,
IN
|
68.0%
|
$ 152,800
|
8.5%
|
$ 1,196
|
0.5%
|
#N/A
|
San Jose,
CA
|
98.7%
|
$
1,287,600
|
27.2%
|
$ 3,499
|
1.2%
|
14.2%
|
Austin, TX
|
98.7%
|
$ 296,500
|
5.7%
|
$ 1,681
|
-0.9%
|
1.2%
|
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
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 was on June
11.
iv Month low was on June
27 and June 28.
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SOURCE Zillow