SEATTLE, Nov. 22, 2017 /PRNewswire/ -- Home values
are setting new records, and homes are gaining thousands of dollars
in value every month. The national median home value is
$12,500 more than it was just one
year ago, according to the October Zillow® Real Estate Market
Reporti.
More than half of the nation's largest markets are worth more
than they were prior to the onset of the Great Recession. Home
values in San Jose, Calif. gained
the most in value over the last year, with homes worth 12.3 percent
more than they were in October 2016,
which translates to a $118,200
increase. Seattle – 11.7 percent –
and Las Vegas – 11.2 percent –
also saw double-digit home value appreciation over the past
year.
Limited housing supply and heavy demand continue to play a role
in driving up home prices. There are 11.7 percent fewer homes for
sale in the U.S. than a year ago. Inventory has dropped most
significantly in San Jose,
San Francisco and San Diego over the past year. In San Jose, there are 60.4 percent fewer homes
on the market than at this time last year. In San Francisco and San Diego there are 32 and 31 percent fewer
homes fewer homes for sale, respectively.
"We are in the midst of an inventory crisis that shows no signs
of waning, impacting potential buyers all across the country," said
Zillow Chief Economist Dr. Svenja
Gudell. "Home values are growing at a historically fast
pace, and those potential buyers want to get in the market while
they still can. But with homes gaining so much value in just one
year, buyers – especially first-time buyers – have to set aside
more and more money for a down payment just to keep up with them.
Unfortunately, there's just not enough homes for sale, and demand
will continue to drive prices higher until we reach a better
balance between supply and demand."
Annual rent appreciation grew for the sixth consecutive month,
with rents increasing 2.2 percent from last October to a Zillow
Rent Indexii of $1,432.
Mortgage ratesiii on Zillow ended the month of
October at 3.73 percent. Rates reached a monthly high of 3.82
percent near the end of the month, and the lowest rate of the month
was 3.68 percent. Zillow's real-time mortgage rates are
based on thousands of custom mortgage quotes submitted daily to
anonymous borrowers on the Zillow Mortgages site and reflect the
most recent changes in the market.
Metropolitan
Area
|
Zillow
Home
Value Indexiv
(ZHVI)
|
Annual
ZHVI
Change (%)
|
Annual
ZHVI
Change ($)
|
Annual
Inventory
Change
|
Zillow
Rent
Index
(ZRI)
|
Annual
ZRI
Change
|
United
States
|
$203,400
|
6.5%
|
$12,500
|
-11.7%
|
$1,432
|
2.2%
|
New York,
NY
|
$426,100
|
7.1%
|
$28,200
|
-16.8%
|
$2,393
|
0.5%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$615,800
|
5.4%
|
$31,600
|
-23.2%
|
$2,720
|
4.4%
|
Chicago,
IL
|
$212,900
|
5.3%
|
$10,800
|
-9.3%
|
$1,651
|
1.0%
|
Dallas-Fort Worth,
TX
|
$217,100
|
9.1%
|
$18,100
|
28.4%
|
$1,596
|
3.0%
|
Philadelphia,
PA
|
$219,000
|
3.0%
|
$
6,400
|
-16.1%
|
$1,578
|
0.4%
|
Houston,
TX
|
$183,300
|
4.6%
|
$
8,000
|
2.8%
|
$1,532
|
-2.0%
|
Washington,
DC
|
$384,700
|
2.4%
|
$
9,000
|
-10.7%
|
$2,133
|
0.7%
|
Miami-Fort
Lauderdale, FL
|
$259,200
|
6.8%
|
$16,400
|
-0.9%
|
$1,848
|
-1.5%
|
Atlanta,
GA
|
$182,200
|
6.7%
|
$11,400
|
-11.6%
|
$1,379
|
4.3%
|
Boston, MA
|
$432,300
|
6.5%
|
$26,400
|
-19.1%
|
$2,365
|
2.2%
|
San Francisco,
CA
|
$871,300
|
6.0%
|
$49,500
|
-32.0%
|
$3,379
|
-0.1%
|
Detroit,
MI
|
$142,700
|
7.6%
|
$10,100
|
-16.9%
|
$1,181
|
1.4%
|
Riverside,
CA
|
$335,200
|
6.0%
|
$19,100
|
-20.0%
|
$1,840
|
6.2%
|
Phoenix,
AZ
|
$242,100
|
6.5%
|
$14,800
|
-12.6%
|
$1,344
|
3.7%
|
Seattle,
WA
|
$457,700
|
11.7%
|
$48,100
|
-23.6%
|
$2,198
|
5.6%
|
Minneapolis-St Paul,
MN
|
$246,200
|
5.5%
|
$12,800
|
-18.4%
|
$1,623
|
5.3%
|
San Diego,
CA
|
$555,800
|
6.2%
|
$32,500
|
-31.0%
|
$2,535
|
4.4%
|
Tampa, FL
|
$189,100
|
8.1%
|
$14,100
|
-20.1%
|
$1,364
|
2.3%
|
Baltimore,
MD
|
$262,000
|
3.1%
|
$
8,000
|
-18.8%
|
$1,730
|
0.2%
|
Denver, CO
|
$372,800
|
6.3%
|
$22,000
|
-23.3%
|
$2,035
|
1.8%
|
Pittsburgh,
PA
|
$137,100
|
3.9%
|
$
5,100
|
-10.0%
|
$1,067
|
-1.5%
|
Portland,
OR
|
$369,000
|
6.0%
|
$20,900
|
3.4%
|
$1,872
|
4.7%
|
Charlotte,
NC
|
$179,100
|
8.5%
|
$14,000
|
-4.8%
|
$1,284
|
3.6%
|
Sacramento,
CA
|
$376,900
|
8.4%
|
$29,100
|
-21.8%
|
$1,813
|
7.0%
|
San Antonio,
TX
|
$167,100
|
7.5%
|
$11,700
|
3.7%
|
$1,335
|
1.0%
|
Orlando,
FL
|
$209,900
|
7.7%
|
$15,000
|
-14.9%
|
N/A
|
N/A
|
Cincinnati,
OH
|
$154,600
|
5.5%
|
$
8,100
|
-16.0%
|
$1,273
|
2.9%
|
Las Vegas,
NV
|
$236,800
|
11.2%
|
$23,900
|
-24.5%
|
$1,284
|
3.9%
|
Columbus,
OH
|
$168,400
|
6.9%
|
$10,800
|
-25.5%
|
$1,324
|
2.7%
|
San Jose,
CA
|
$1,076,400
|
12.3%
|
$118,200
|
-60.4%
|
$3,488
|
0.1%
|
Austin, TX
|
$280,700
|
8.5%
|
$21,900
|
4.4%
|
$1,690
|
-0.6%
|
Virginia Beach,
VA
|
$222,300
|
2.5%
|
$
5,400
|
-4.8%
|
$1,400
|
0.7%
|
Providence,
RI
|
$273,300
|
6.2%
|
$16,000
|
-13.9%
|
N/A
|
N/A
|
Milwaukee,
WI
|
$214,900
|
3.7%
|
$
7,700
|
-4.3%
|
N/A
|
N/A
|
Jacksonville,
FL
|
$184,800
|
6.8%
|
$11,800
|
-6.5%
|
N/A
|
N/A
|
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. 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 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.
iii Mortgage rates for a 30-year fixed mortgage
iv 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.
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SOURCE Zillow