Tag Archives: home values

Home Value Appreciation Has Slowed Each Month This Year

Annual home value appreciation decreased for the seventh straight month in July

By Jeff Sorg, OnlineEd Blog

(August 16, 2019)

SEATTLE, Aug. 16, 2019 /PRNewswire/ — U.S. home value growth continues to slow, according to the July Zillow® Real Estate Market Reporti. The typical U.S. home is worth $229,000, up 5.2% from a year ago – this is the smallest annual appreciation since October 2015. Last year at this time, home values rose 7.7% year-over-year. Still, home values are up 0.3% month-over-month, an indication that values are stabilizing after a period of relatively extreme growth rather than headed for a sustained downturn.

Among the 50 largest U.S. markets, home values have grown the most in Salt Lake City (up 9.4% since July 2018), Indianapolis (up 8.1%) and Charlotte (up 7.3%), although growth is slowing in each of these metros. Only New Orleans, Birmingham and Oklahoma City saw home values appreciate at a greater rate than a year ago.

Home values have fallen year-over-year in California’s San Francisco Bay Area, home to the two most expensive markets in the country. The value of the typical home fell 10.5% in San Jose and 1.1% in San Francisco. A year ago, home values were growing 24% annually in San Jose, a 34.5 percentage point difference.

“As talk builds of a potential recession in the next year or two, housing remains fairly stalwart,” said Zillow Director of Economic Research Skylar Olsen. “The slowing appreciation is ultimately a good sign that the market is adjusting in response to the growing unaffordability of down payments, while low mortgage rates are keeping those with the required savings interested despite softer growth out the gate. The uptick in the rate of homes coming onto the market – a good and true increase in supply – should be a boon to those inventory-starved home buyers still searching near the close of home shopping season. While buyers are catching a break, renters have seen prices continue their steady upward climb, presenting yet another obstacle in the quest to save for that down payment.”

The median U.S. rent rose 1.9% year-over-year to $1,592ii. For the eighth consecutive month, rents rose the most in Phoenix (up 6.1% from a year ago), followed by Las Vegas (up 5.9%). Rents fell in only three of the 50 largest markets – Houston, Buffalo and Baltimore.

Inventory grew 1.3% annually, reversing four straight months of declines. There are 19,978 more homes for sale than this time last year. New listings drove the inventory growth in July, up 5.7% from a year ago.

Mortgage rates listed on Zillow fell lower in July. Rates ended the month at 3.72%, down 23 basis points from July 1. 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 Index, July 2019 ZHVI Year-over-Year Change, July 2019 ZHVI Year-over-Year Change, July 2018 Zillow Rent Index, July 2019 ZRI Year-over-Year Change, July 2019 Inventory Year-over-Year Change, July 2019
United States $229,000 5.2% 7.7% $1,592 1.9% 1.3%
New York, NY $442,800 3.2% 5.5% $2,279 2.3% 4.8%
Los Angeles-Long Beach-Anaheim, CA $650,600 0.9% 6.3% $2,599 1.3% 11.3%
Chicago, IL $225,200 2.1% 5.3% $1,615 1.3% 6.9%
Dallas-Fort Worth, TX $243,500 5.1% 11.8% $1,439 1.5% 12.3%
Philadelphia, PA $233,300 2.1% 5.3% $1,497 2.5% -4.8%
Houston, TX $206,400 3.4% 6.1% $1,378 -0.5% 5.5%
Washington, DC $407,700 2.1% 3.8% $1,971 2.0% -8.8%
Miami-Fort Lauderdale, FL $284,300 3.2% 8.2% $1,851 2.2% 3.8%
Atlanta, GA $220,300 6.9% 11.8% $1,454 4.1% 8.3%
Boston, MA $463,300 1.9% 6.2% $2,416 2.2% 8.4%
San Francisco, CA $938,100 -1.1% 9.4% $3,166 1.2% 21.5%
Detroit, MI $162,900 4.6% 9.4% $1,211 2.3% 17.4%
Riverside, CA $371,500 3.3% 7.3% $1,907 4.3% -1.6%
Phoenix, AZ $267,500 4.5% 7.7% $1,401 6.1% -2.9%
Seattle, WA $489,500 0.5% 8.7% $2,036 2.4% 14.3%
Minneapolis-St Paul, MN $272,000 4.3% 6.6% $1,494 0.6% 4.9%
San Diego, CA $591,500 1.1% 6.1% $2,519 3.1% 6.0%
St. Louis, MO $167,700 3.5% 5.5% $1,009 1.3% -15.0%
Tampa, FL $216,400 5.0% 10.6% $1,392 3.7% 2.8%
Baltimore, MD $267,100 0.7% 4.9% $1,605 -0.1% -4.0%
Denver, CO $409,200 3.0% 6.7% $1,781 1.5% 26.9%
Pittsburgh, PA $144,700 2.5% 7.3% $1,102 1.8% -15.0%
Portland, OR $396,700 1.5% 5.3% $1,647 0.7% 3.1%
Charlotte, NC $210,600 7.3% 10.2% $1,322 3.5% 6.2%
Sacramento, CA $411,300 2.7% 5.4% $1,788 3.5% 0.8%
San Antonio, TX $195,600 5.0% 5.7% $1,215 0.3% 17.9%
Orlando, FL $240,000 5.1% 9.4% $1,414 3.5% 4.5%
Cincinnati, OH $170,400 5.4% 6.3% $1,145 3.2% -8.3%
Cleveland, OH $147,100 4.2% 6.6% $1,071 4.1% -1.3%
Kansas City, MO $191,900 4.7% 9.5% $1,121 1.0% N/A
Las Vegas, NV $279,100 5.1% 13.6% $1,329 5.9% 53.5%
Columbus, OH $193,800 6.5% 7.9% $1,183 0.6% -3.3%
Indianapolis, IN $167,300 8.1% 9.6% $1,100 1.0% N/A
San Jose, CA $1,144,800 -10.5% 24.0% $3,338 0.5% 32.6%
Austin, TX $312,300 4.7% 6.2% $1,586 2.1% -4.9%
Virginia Beach, VA $229,800 1.5% 2.8% $1,335 1.1% -9.6%
Nashville, TN $255,700 4.0% 9.8% $1,445 1.3% 14.6%
Providence, RI $295,100 3.4% 7.3% $1,427 3.2% -3.7%
Milwaukee, WI $232,500 4.5% 5.2% $1,094 2.5% 15.3%
Jacksonville, FL $214,400 5.5% 10.5% $1,348 3.9% -2.1%
Memphis, TN $141,000 5.1% 8.3% $1,047 4.2% -10.6%
Oklahoma City, OK $148,400 4.0% 2.9% $937 1.8% -11.5%
Louisville-Jefferson County, KY $164,400 5.5% 5.7% $1,087 1.4% -1.2%
Hartford, CT $229,100 0.2% 2.5% $1,334 1.1% -4.4%
Richmond, VA $232,000 4.0% 5.3% $1,323 1.3% N/A
New Orleans, LA $176,000 2.7% 0.0% $1,274 0.5% 0.4%
Buffalo, NY $161,400 4.4% 6.7% $1,015 -0.3% -1.2%
Raleigh, NC $269,100 5.2% 5.6% $1,286 1.0% 0.6%
Birmingham, AL $148,700 6.9% 5.5% $1,058 2.3% -5.9%
Salt Lake City, UT $373,200 9.4% 11.3% $1,494 1.7% 20.3%

 

[Source: Zillow press release]

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

Excerpts from articles not originating with Jeff Sorg/OnlineEd are reprinted with permission; remain the sole property of the author; no permission to reprint is given or implied.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

Information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

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Home Values Appreciated at Their Fastest Annual Pace Since August 2006

Portland home values rose 14 percent to a median value of $351,800

By Jeff Sorg, OnlineEd Blog

housing graph 3(December 23, 2016) –  In November, national home values rose at their fastest annual pace since 2006, near the peak of the housing bubble. The Zillow® Home Value Index (ZHVI) is $192,500, 2 percent shy of the records set in 2007, according to the November Zillow Real Estate Market Reportsii.

Rents, which were the big story of 2016 as they rose at a record pace, have slowed considerably to a 1.5 percent annual appreciation rate; this rate is expected to continue into 2017. The median monthly rent payment in the U.S. is now $1,403.

Home values were 6.5 percent higher this November than last. Strong growth is especially evident in a handful of new powerhouse markets, including Seattle, Denver, Portland and Dallas, whose strong job markets attracted new home buyers over the last year.

At their fastest pace, home values across the country were appreciating about 11 percent year-over-year. When the bubble burst, home values plummeted, falling 7.4 percent year-over-year during the depths of the crisis, and then began a steady recovery in 2012.

“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.

Seattle reported the fastest rent appreciation of the 35 largest U.S. metros for the sixth month in a row, up almost 9 percent annually. Portland and Sacramento follow Seattle, with rents up about 7 percent.

Inventory remains an issue for home buyers across the country. There are 6 percent fewer homes to choose from than a year ago, with Boston, Indianapolis and Kansas City reporting the greatest drop. In Boston, there are 26 percent fewer homes to choose from than a year ago, and 21 percent fewer in Indianapolis and Kansas City.

Metropolitan
Area

Zillow
Home Value
Index (ZHVI)

Year-over-
Year ZHVI
Change

Zillow Rent
Index (ZRI)

Year-over-
Year ZRI
Change

Year-over-Year
Inventory
Change

United States

$    192,500

6.5%

$                 1,403

1.5%

-5.9%

New York, NY

$    400,500

6.0%

$                 2,389

0.5%

-10.4%

Los Angeles-Long Beach-Anaheim, CA

$    590,000

6.3%

$                 2,616

5.2%

-7.1%

Chicago, IL

$    203,400

5.0%

$                 1,637

-0.1%

-10.2%

Dallas-Fort Worth, TX

$    200,400

12.0%

$                 1,556

4.0%

-13.9%

Philadelphia, PA

$    213,800

4.1%

$                 1,574

1.0%

-12.3%

Houston, TX

$    176,000

7.0%

$                 1,562

-1.1%

0.6%

Washington, DC

$    378,000

2.9%

$                 2,123

0.6%

-18.8%

Miami-Fort Lauderdale, FL

$    245,200

8.8%

$                 1,879

3.1%

11.8%

Atlanta, GA

$    172,300

7.5%

$                 1,329

4.3%

-5.7%

Boston, MA

$    408,400

6.1%

$                 2,322

3.5%

-25.5%

San Francisco, CA

$    824,600

4.9%

$                 3,385

1.8%

-5.0%

Detroit, MI

$    134,400

9.4%

$                 1,169

3.2%

-17.2%

Riverside, CA

$    318,200

6.7%

$                 1,742

3.1%

-8.1%

Phoenix, AZ

$    228,900

6.9%

$                 1,301

4.1%

-1.4%

Seattle, WA

$    412,600

12.2%

$                 2,095

8.8%

-6.5%

Minneapolis-St Paul, MN

$    235,000

6.6%

$                 1,552

3.3%

-18.2%

San Diego, CA

$    526,500

6.1%

$                 2,436

5.2%

2.8%

St. Louis, MO

$    147,800

6.8%

$                 1,123

0.1%

-14.5%

Tampa, FL

$    177,200

11.2%

$                 1,336

3.2%

-10.7%

Baltimore, MD

$    256,600

3.6%

$                 1,729

0.7%

-16.0%

Denver, CO

$    352,800

9.7%

$                 2,006

2.8%

4.0%

Pittsburgh, PA

$    133,400

4.8%

$                 1,081

-1.4%

0.3%

Portland, OR

$    351,800

14.1%

$                 1,802

7.1%

-3.6%

Charlotte, NC

$    166,600

7.1%

$                 1,244

1.8%

-10.4%

Sacramento, CA

$    350,200

7.5%

$                 1,707

6.8%

-6.3%

San Antonio, TX

$    156,200

6.5%

$                 1,324

1.6%

12.8%

Orlando, FL

$    198,100

9.9%

$                 1,383

3.1%

-11.1%

Cincinnati, OH

$    147,800

5.6%

$                 1,243

1.5%

-16.3%

Cleveland, OH

$    130,600

5.2%

$                 1,145

1.6%

-10.8%

Kansas City, MO

$    151,900

5.9%

$                 1,241

3.8%

-20.5%

Las Vegas, NV

$    213,700

9.6%

$                 1,243

2.4%

26.0%

Columbus, OH

$    160,400

3.9%

$                 1,293

1.7%

-18.9%

Indianapolis, IN

$    133,600

1.5%

$                 1,188

0.3%

-20.7%

San Jose, CA

$    961,600

4.3%

$                 3,486

1.9%

-14.4%

Austin, TX

$    259,800

8.4%

$                 1,701

0.9%

11.9%

Zillow

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Zillow and Zestimate are registered trademarks of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Santa’s North Pole Home Now on Zillow

 Follow Santa’s Christmas Eve journey via the Official NORAD Santa Tracker from Santa’s home details page on Zillow

By Jeff Sorg, OnlineEd Blog

canstockphoto22717197santa-laptop(November 30, 2016) –  Today, Zillow announces that one of the most famous homes in the world — Santa Claus’ North Pole house — is now on Zillow.  With a Zestimate® home value of $656,957, Santa’s home is one of the most valuable residential properties in the Arctic.

Zillow was able to calculate a special Zestimate value for Santa’s one-of-a-kind house using comparable homes in remote locations and applying a Santa premium. The home has never been sold and is not on the market.

Santa Claus’ log cabin has three bedrooms and two bathrooms and measures 2,500 square feet — about 1,000 square feet larger than the average U.S. home. It sits on a unique, 25-acre lot in the North Pole and features a river rock fireplace, a gourmet kitchen and a wood-burning stove in one of the guest suites. The property also boasts a sleigh parking garage, stables and a world-class toy workshop.

“Santa’s home in the North Pole is one of the most famous homes in the world, so we’re thrilled it’s now on Zillow,” said Zillow Chief Marketing Officer Jeremy Wacksman. “Millions of kids are looking forward to a visit from Santa this year, and now they have the opportunity to virtually visit Santa’s house themselves.”

To see Santa’s home, type “Santa’s house” into the search bar on Zillow.com. Visitors can flip through a photo gallery of the home and watch a video walkthrough to get a sense of the home’s flow. Santa’s house is not for sale, but by claiming his home, Santa was able to update his home’s facts and add photos, which can impact his Zestimate value.

Additionally, children can start following Santa’s Christmas Eve trek delivering presents around the world via the Official NORAD Santa Tracker, right from Santa’s home detail page on Zillow. This feature is a result of Zillow’s partnership with NORAD Tracks Santa, which has been following Santa’s annual journey for the past 61 years.

“We track Santa as he makes his journey around the world every holiday season and ensures he returns home safely,” said Preston Schlachter, spokesperson for NORAD Tracks Santa. “Santa puts a lot of miles on his sleigh delivering gifts all over the country, and we’re excited to partner with Zillow this holiday season to give families around the world a behind the scenes look at Santa’s home base.”

Zillow forecasts that Santa’s home will appreciate 2.2 percent over the next year, in line with forecasted home value growth in the United States.

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Zillow and Zestimate are registered trademarks of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Portland Home Values Rise 15 Percent

San Francisco and San Jose are no longer among the top appreciating U.S. housing markets

By Jeff Sorg, OnlineEd Blog

housing graph 3(September 22, 2016) – U.S. home values are up 5 percent over the past year, to a Zillow Home Value Index (ZHVI) of $188,100, according to the August Zillow® Real Estate Market Reports.

Home values have been growing at a 5 percent annual rate since the beginning of the year. The most recent income data released by the Censusiii shows incomes rising by 5.2 percent, which is good news for those looking to break into the housing market. For the first time since 2011, incomes have been appreciating faster than home values.

Inventory is beginning to pick back up from the lows experienced at the beginning of the year, but there are still 5 percent fewer homes for sale than a year ago. Going forward, as more homes start to become available, home value growth may ease. Zillow predicts home value growth to slow down to a 2.7 percent appreciation rate by this time next year.

For the sixth straight month, Portland, Dallas, Seattle and Denver reported the highest year-over-year home value appreciation among the 35 largest U.S. metros, with home value growth in the double-digits. In Portland, home values rose almost 15 percent, to a median home value of $338,900.

While home values continue to rise in tech-centers San Francisco and San Jose, they’ve slowed considerably since last year. Median home values in both markets are up about 6 percent over the past year, compared to over 12 percent in 2015. No longer are these two metros among the top appreciating U.S. housing markets.

“The housing market is starting to smooth out ever-so-slightly, as the peak home shopping season winds down,” said Zillow Chief Economist Dr. Svenja Gudell. “This is good news for frenzied buyers tired of tight inventory, rapidly rising home prices and intense competition. Inventory, while still down nationwide and in most areas, is actually starting to rise in a handful of markets, including the Bay Area, Texas and parts of the Southwest. Rent growth has slowed considerably from just a few years ago, giving renters a chance to save enough to buy a home. But make no mistake, it’s still tough out there for buyers, especially in Western markets like Seattle, Denver and Portland that have strong job growth. Things won’t switch from a sellers’ market to a buyers’ market overnight, but conditions are starting to improve.”

Rents continue to rise, though not as quickly as home values. Last year at this time, rents were up over 6 percent, but are now appreciating by just 1.7 percent, to a Zillow Rent Index (ZRI) of $1,405.

Of the 35 largest U.S. metros, Seattle, Portland, Sacramento and San Diego reported the highest year-over-year rent appreciation. Rents in Seattle have seen the fastest annual appreciation for the third month in a row, up almost 10 percent over the past year to a median of $2,067 per month.

In Portland, the median rent rose to $1,777 per month, up 7 percent over the past year. In Sacramento and San Diego, rents are up 5.5 and 5 percent, respectively.

 

Metropolitan Area Zillow Home

Value Index (ZHVI)

Year-Over-Year ZHVI Change Zillow Rent Index (ZRI) Year-Over-Year ZRI Change Year-Over-Year Inventory Change
United States $             188,100 5.1% $         1,405 1.7% -5.4%
New York/Northern New Jersey $             389,000 3.3% $         2,399 2.5% -11.7%
Los Angeles-Long Beach-Anaheim, CA $             574,600 5.2% $         2,593 4.7% 0.6%
Chicago, IL $             201,300 4.5% $         1,643 -0.2% -11.5%
Dallas-Fort Worth, TX $             193,900 12.0% $         1,543 3.6% -20.6%
Philadelphia, PA $             210,000 2.9% $         1,578 1.3% -13.3%
Houston, TX $             174,000 7.1% $         1,576 0.5% 7.4%
Washington, DC $             370,100 2.1% $         2,121 0.5% -15.0%
Miami-Fort

Lauderdale, FL

$             239,300 9.0% $         1,885 4.2% 14.1%
Atlanta, GA $             168,400 7.5% $         1,314 3.5% -8.6%
Boston, MA $             398,200 5.6% $         2,310 3.9% -26.4%
San Francisco, CA $             809,500 6.0% $         3,406 4.8% 1.8%
Detroit, MI $             129,600 6.8% $         1,171 2.5% -17.8%
Riverside, CA $             313,400 7.0% $         1,736 3.4% -0.7%
Phoenix, AZ $             223,100 7.5% $         1,297 4.2% 8.3%
Seattle, WA $             397,800 11.3% $         2,067 9.7% -6.0%
Minneapolis-St Paul,

MN

$             229,300 6.2% $         1,540 2.5% -2.7%
San Diego, CA $             516,200 5.2% $         2,427 4.9% 13.0%
St. Louis, MO $             144,000 5.3% $         1,128 0.5% -13.2%
Tampa, FL $             170,500 9.8% $         1,332 3.3% -10.1%
Baltimore, MD $             252,700 2.5% $         1,731 0.6% -10.4%
Denver, CO $             341,400 10.7% $         2,013 4.1% 7.4%
Pittsburgh, PA $             131,200 4.6% $         1,100 -0.5% 3.7%
Portland, OR $             338,900 14.8% $         1,777 7.4% -12.4%
Charlotte, NC $             164,400 7.1% $         1,237 1.7% -10.3%
Sacramento, CA $             345,100 7.1% $         1,681 5.5% -6.4%
San Antonio, TX $             153,600 6.4% $         1,317 0.9% 25.2%
Orlando, FL $             189,000 8.1% $         1,372 2.8% -10.8%
Cincinnati, OH $             145,100 4.6% $         1,239 0.2% -15.7%
Cleveland, OH $             129,000 3.4% $         1,146 1.3% -12.7%
Kansas City, MO $             150,700 5.2% $         1,235 2.3% -23.6%
Las Vegas, NV $             206,800 7.8% $         1,237 2.0% 32.7%
Columbus, OH $             157,000 3.0% $         1,293 2.0% -16.6%
Indianapolis, IN $             131,700 -1.6% $         1,196 0.4% -24.7%
San Jose, CA $             945,700 5.8% $         3,517 3.8% 12.9%
Austin, TX $             255,900 8.6% $         1,713 2.0% 11.1%

[Source: Zillow®]

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Zillow® is a registered trademark of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

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Home Values Rise for 48th Straight Month – Portland, OR Tops List at 14.7%

 Portland, OR reported the highest year-over-year home value appreciation

By Jeff Sorg, OnlineEd Blog

rising housing prices 1(August 18, 2016) –  National home values appreciated for the 48th straight month this July to a Zillow Home Value Index (ZHVI) of $187,300, according to the Zillow® Real Estate Market Reports.

Home values are up 5 percent over the past year and have been consistently climbing since August 2012, but remain 4.7 percent below peak, which was hit in April 2007 when the median home value was $196,600.

Portland, Dallas, and Denver reported the highest year-over-year home value appreciation among the 35 largest metros across the country. In Portland, home values rose almost 15 percent to a median value of $334,900. Home values in Dallas and Denver appreciated 11.9 and 11.3 percent, respectively.

In notoriously expensive San Francisco, home values have been slowing since the beginning of the year. In January, home values were up almost 12 percent year-over-year and are now appreciating at about half that pace, up 6.6 percent over the past year.

“The consistent rise in home values that we’ve been seeing for the past four years masks a number of region-specific trends that have taken place over the past few months,” said Zillow Chief Economist Dr. Svenja Gudell. “In most areas, the market is being driven mainly by a strong labor market and tight supply, especially among entry-level homes that first-time buyers are after. But some markets – especially the red-hot Pacific Northwest – are adding more jobs and attracting more residents, putting the pressure on home values and rents. The Bay Area and Southern California are still growing at a faster pace than the nation as a whole, but growth rates have come back to earth a bit after several years of rapid growth. And markets in other regions, like the Northeast, keep steadily chugging along. All housing is local, and as the local economies in individual metros ebb and flow, housing will follow suit. More than at any time since the boom and bust, we’re seeing a housing market that is driven by local fundamentals, and not by national trends.”

Rents across the country rose 2 percent over the past year, to a Zillow Rent Index(ZRI) of $1,408 — this is the 47th straight month rents have appreciated.

Of the 35 largest U.S. metros, Seattle, Portland and San Francisco reported the highest year-over-year rent appreciation. In Seattle, rents rose almost 10 percent, to a median rent price of $2,052 per month, while rents in Portland rose just over 8 percent.

In San Francisco, the median rent price rose to $3,407 per month, the second highest of all U.S. metros, right after San Jose, CA. Rents in San Francisco appreciated 6 percent over the past year.

Metropolitan Area Zillow Home Value Index (ZHVI) Year-Over-Year ZHVI Change  Peak ZHVI Change from Peak Zillow Rent Index (ZRI) Year-Over-Year ZRI Change
United States $           187,300 5.1% $      196,600 -4.7% $         1,408 2.2%
New York/Northern New Jersey $           387,800 3.4% $      445,200 -12.9% $         2,411 3.2%
Los Angeles-Long Beach-Anaheim, CA $           572,400 5.3% $      604,000 -5.2% $         2,585 4.7%
Chicago, IL $           199,800 4.0% $      247,000 -19.1% $         1,645 0.3%
Dallas-Fort Worth, TX $           191,500 11.9% $      191,500 0.0% $         1,543 4.0%
Philadelphia, PA $           209,200 3.0% $      230,600 -9.3% $         1,582 2.0%
Houston, TX $           173,500 7.6% $      173,500 0.0% $         1,581 1.5%
Washington, DC $           368,600 1.7% $      427,600 -13.8% $         2,123 0.7%
Miami-Fort Lauderdale, FL $           237,300 9.3% $      305,100 -22.2% $         1,887 4.8%
Atlanta, GA $           167,300 7.5% $      174,500 -4.1% $         1,311 3.9%
Boston, MA $           396,300 5.8% $      396,300 0.0% $         2,308 4.5%
San Francisco, CA $           807,800 6.6% $      807,800 0.0% $         3,407 6.2%
Detroit, MI $           128,300 6.2% $      157,100 -18.3% $         1,175 2.8%
Riverside, CA $           311,700 7.1% $      403,900 -22.8% $         1,738 4.0%
Phoenix, AZ $           221,900 8.0% $      273,600 -18.9% $         1,298 4.8%
Seattle, WA $           394,600 11.3% $      394,600 0.0% $         2,052 9.9%
Minneapolis-St Paul, MN $           228,400 6.2% $      240,500 -5.0% $         1,541 3.0%
San Diego, CA $           513,600 5.4% $      543,700 -5.5% $         2,424 5.0%
St. Louis, MO $           143,100 5.0% $      158,900 -9.9% $         1,135 1.5%
Tampa, FL $           168,800 9.4% $      214,200 -21.2% $         1,332 3.7%
Baltimore, MD $           253,000 2.8% $      289,100 -12.5% $         1,735 1.0%
Denver, CO $           339,600 11.3% $      339,600 0.0% $         2,013 5.1%
Pittsburgh, PA $           131,000 4.7% $      131,000 0.0% $         1,113 1.8%

Portland, OR

$           334,900

14.7%

$      334,900

0.0%

$         1,772

8.2%

Charlotte, NC $           163,400 6.8% $      163,400 0.0% $         1,240 2.3%
Sacramento, CA $           343,000 7.0% $      420,800 -18.5% $         1,675 5.6%
San Antonio, TX $           152,900 6.6% $      152,900 0.0% $         1,318 1.5%
Orlando, FL $           187,500 7.8% $      256,200 -26.8% $         1,370 3.2%
Cincinnati, OH $           144,700 4.9% $      144,700 0.0% $         1,241 0.4%
Cleveland, OH $           128,800 3.5% $      145,400 -11.4% $         1,148 1.6%
Kansas City, MO $           150,000 5.2% $      159,500 -6.0% $         1,240 2.7%
Las Vegas, NV $           204,700 7.2% $      304,700 -32.8% $         1,238 2.6%
Columbus, OH $           156,900 3.6% $      156,900 0.0%

(Article source: Zillow®)

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Zillow® is a registered trademark of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

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Owner Optimism Outpaces Home Appraisals In Latest Quicken Loans Study

Nationally, appraised values were 2.17% lower than homeowner expectations

By Jeff Sorg, OnlineEd Blog

(April 12, 2016) – Quicken Loans, the nation’s second largest retail mortgage lender, today announced home values, as determined by appraisers, were an average of 2.17 percent lower than what homeowners expected in March according to the company’s proprietary national Home Price Perception Index (HPPI).

The HPPI again showed homeowners were a bit more optimistic about their home’s value relative to valuations provided by professional home appraisers. Appraisals in March showed valuation an average of 2.17 percent lower than what homeowners estimated at the beginning of their refinance. The spread between the two values widened in March, compared to February’s appraisals which were 1.99 lower than what homeowners expected.

“The varying HPPI values across the country illustrates the importance of examining the market at the local level,” said Quicken Loans Chief Economist Bob Walters. “If homeowners are eyeing that new home being built across town, they could be pleasantly surprised how much their home will sell for – or in some instances, their equity may not take them as far as they think – depending on what area of the country they’re in.”

HVI/HPPI Graphs (April 2016)The Home Value Index (HVI) and Home Price Perception Index (HPPI) are the two indexes created by Quicken Loans. They measure home value changes over time (HVI) and how homeowner's estimate compare to values (HPPI).

HVI/HPPI Graphs (April 2016)The Home Value Index (HVI) and Home Price Perception Index (HPPI) are the two indexes created by Quicken Loans. They measure home value changes over time (HVI) and how homeowner’s estimate compare to values (HPPI).

Home Value Index (HVI)

Home values grew in March, with appraised values increasing 0.29 percent and growing 4.77 percent since the previous year, according to the National HVI. This continues a trend of rising home values we have been in since early 2012. The monthly change is more volatile – ranging from a 0.67 percent dip in the Midwest to a 1.52 percent climb in the West – but all four regions studied saw annual increases in appraised values.

“It’s not always easy for homeowners to keep their finger on the pulse of their equity,” said Walters. “This data shows homes have continued to increase in value since the depths experienced after the last recession. Those increases mean far fewer Americans have negative equity in their homes. This increases their mobility and is a positive development for all segments of the housing market.”

HVI/HPPI Graphs (April 2016)The Home Value Index (HVI) and Home Price Perception Index (HPPI) are the two indexes created by Quicken Loans. They measure home value changes over time (HVI) and how homeowner's estimate compare to values (HPPI).

HVI/HPPI Graphs (April 2016)The Home Value Index (HVI) and Home Price Perception Index (HPPI) are the two indexes created by Quicken Loans. They measure home value changes over time (HVI) and how homeowner’s estimate compare to values.

HVI/HPPI Graphs (April 2016)The Home Value Index (HVI) and Home Price Perception Index (HPPI) are the two indexes created by Quicken Loans. They measure home value changes over time (HVI) and how homeowner's estimate compare to values (HPPI). HVI/HPPI Graphs (April 2016)The Home Value Index (HVI) and Home Price Perception Index (HPPI) are the two indexes created by Quicken Loans. They measure home value changes over time (HVI) and how homeowner’s estimate compare to values (HPPI).

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For more information about Quicken Loans visit their website.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered trademark of OnlineEd, Inc.

New Zillow® Report Indicates Homes Worth More Than Ever Before

In February, home values rose 4.3 percent year-over-year

By Jeff Sorg, OnlineEd Blog

(c) Can Stock Photo(March 25, 2016) – According to the February Zillow® Real Estate Market Reports, homes were worth more than ever before in 26 percent of U.S. housing markets.

Many of the experts surveyed for the November 2015  Zillow Home Price Expectations Survey told Zillow they are concerned that 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 national Zillow Home Value Index was $184,600 in February, which is still 5.9 percent below the record median home value set in mid-2007. The Zillow Rent Forecast shows rents are rising at 2.6 percent year-over-year and that rents 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

(Source: Zillow®)

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Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data. 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 is a registered trademark of Zillow, Inc.

For more information about OnlineEd® and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

 All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd is a registered mark of OnlineEd, Inc.