U.S. Home Values Climb for Eighth Consecutive Month; Over 60% of Metros Show Increasing Values
Rents Also Increase, Rising 0.2% from June to July, According to July Zillow Real Estate Market Reports
Aug 21, 2012, 08:00 ET
SEATTLE, Aug. 21, 2012 /PRNewswire/ -- Home values continued to climb in July, increasing 0.5 percent from June to a Zillow® Home Value Index[i] of $151,600, according to the July Zillow Real Estate Market Reports[ii]. Home values were up 1.2 percent year-over-year.
Most (62 percent) of the metros covered in the reports saw home values climb during the month, with only 49 of the 167 metro areas experiencing declines. Of the 30 largest metro areas covered, the Phoenix metro area experienced the largest monthly increase, with home values rising 2.2 percent. Other large metro areas with notable monthly increases include the San Francisco metro (1.2 percent) and the Denver metro (1 percent).
U.S. rents continued to rise, climbing 0.2 percent month-over-month and 5.4 percent year-over-year to a Zillow Rent Index[iii] of $1,278. Nationally, rents have increased in 6 out of the past 12 months, with most metros (70 percent) experiencing rent increases from June to July.
Rents have experienced double-digit, annual increases in several large metro areas where home values continue to decline, including Chicago (12.6 percent), Providence, R.I. (12.1 percent) and Baltimore (11.9 percent). This is likely due to both continued high foreclosure levels in these markets, which increases rental demand, as well as consumer reluctance to buy when home values continue to fall.
"This summer, the housing market continued to heal, as home values experienced their eighth consecutive month of increases," said Zillow Chief Economist Dr. Stan Humphries. "Tight inventory levels are leading to bidding wars and multiple offers across the country. Looking ahead, we expect to see less aggressive increases in the fall as rising values lift some would-be sellers out of negative equity, allowing them to place their homes on the market."
Foreclosures continued to decline in July, with 5.7 out of every 10,000 homes in the country being foreclosed. That was down from 6.5 out of every 10,000 homes in June.
| Metropolitan Areas |
Zillow Home Value Index |
Zillow Rent Index |
|||||
| July 2012 |
YoY Change |
July 2012 |
YoY Change |
||||
| United States |
$151,600 |
1.2% |
$1,278 |
5.4% |
|||
| New York |
$340,600 |
-3.1% |
- |
- |
|||
| Los Angeles |
$387,300 |
-1.7% |
$2,289 |
5.6% |
|||
| Chicago |
$161,700 |
-5.8% |
$1,532 |
12.6% |
|||
| Dallas |
$126,500 |
1.0% |
$1,320 |
3.3% |
|||
| Philadelphia |
$184,900 |
-3.7% |
$1,495 |
11.7% |
|||
| Washington DC |
$312,300 |
1.4% |
$2,076 |
7.3% |
|||
| Miami-Fort Lauderdale, Fla. |
$145,600 |
3.8% |
$1,594 |
4.5% |
|||
| Atlanta |
$113,500 |
-4.1% |
$1,143 |
-0.4% |
|||
| Boston |
$310,400 |
0.4% |
$1,951 |
4.5% |
|||
| San Francisco |
$479,900 |
2.6% |
$2,475 |
8.8% |
|||
| Detroit |
$77,400 |
4.0% |
$1,034 |
6.4% |
|||
| Riverside, Calif. |
$183,700 |
0.1% |
$1,547 |
-1.1% |
|||
| Phoenix |
$140,500 |
13.4% |
$1,155 |
1.0% |
|||
| Seattle |
$259,800 |
0.0% |
$1,629 |
4.4% |
|||
| Minneapolis-St. Paul, Minn. |
$168,100 |
0.1% |
$1,457 |
8.7% |
|||
| San Diego |
$344,200 |
-0.6% |
$2,092 |
0.4% |
|||
| Tampa, Fla. |
$108,500 |
-0.2% |
$1,179 |
2.5% |
|||
| St. Louis |
$123,900 |
-4.5% |
$1,129 |
0.9% |
|||
| Baltimore |
$217,300 |
-1.3% |
$1,684 |
11.9% |
|||
| Denver |
$212,600 |
4.9% |
$1,505 |
6.1% |
|||
| Pittsburgh |
$109,300 |
2.3% |
$1,066 |
11.7% |
|||
| Portland, Ore. |
$218,900 |
1.9% |
$1,401 |
5.3% |
|||
| Sacramento, Calif. |
$204,000 |
-1.5% |
$1,478 |
5.0% |
|||
| Orlando, Fla. |
$121,400 |
-0.1% |
$1,212 |
3.4% |
|||
| Cleveland |
$109,900 |
-2.3% |
$1,082 |
1.8% |
|||
The full national report, in its interactive format, will be available at www.zillow.com/local-info at 8 a.m. ET on Tuesday, Aug. 21. Additionally, in most areas, data is available at the state, metro, county, city, ZIP code and neighborhood levels. More market analysis of the monthly data can be found at www.zillow.com/research and a PDF of the Real Estate Market Reports can be found at www.zillow.com/blog/research/data/.
About Zillow, Inc.
Zillow (NASDAQ: Z) is the leading real estate information marketplace, providing vital information about homes, real estate listings and mortgages through its mobile applications and websites, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 150 markets at Zillow Real Estate Research. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace, Zillow Mobile, Postlets®, Diverse Solutions™ and RentJuice®. The company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate, Postlets and RentJuice are registered trademarks of Zillow, Inc. Diverse Solutions is a trademark of Zillow, Inc.
[i] The Zillow Home Value Index is the median Zestimate® valuation 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.
[ii] The data in Zillow's Real Estate Market Reports is aggregated from public sources by a number of data providers for 276 core-based statistical areas dating back to 1996. Mortgage and home loan data is typically recorded in each county and publicly available through a county recorder's office.
[iii] The Zillow Rent Index 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.
SOURCE Zillow, Inc.