Home Values Rise at Fastest Pace Since 2006
The median home value in the U.S. is now $192,500, according to Zillow’s November Real Estate Market Report, just 2 percent shy of 2007 peak.
- Home values rose 6.5 percent over the past year to a Zillow Home Value Index (ZHVI) of $192,500 in November.
- Home values appreciated at their fastest annual pace since August 2006, near the peak of the housing bubble.
- Rents rose 1.5 percent over the past year to a Zillow Rent Index (ZRI) of $1,403 per month…
…“Home value growth continues to be strong, supported by solid buyer demand and still limited for-sale inventory in many markets across the country,” said Zillow Chief Economist Dr. Svenja Gudell. “Conditions today are very different than the ones we saw back in 2006, which was the last time we saw home values rising this fast. Rampant real estate speculation and loose mortgage credit have been replaced by the sound economic fundamentals we are seeing now.”
Portland, Seattle and Dallas reported the highest year-over-year home value appreciation among the 35 largest U.S. metros. Portland home values rose 14 percent to a median value of $351,800. Both Seattle and Dallas home values rose 12 percent since last November…
There is a chart of the 35 markets in the PR.