October Marks 12th Consecutive Month of National Home Value Increases
Monthly Increase Largest Since August 2005; Chicago Only Major Metro with Month-over-Month Value Declines in October
SEATTLE, Nov. 21, 2012 /PRNewswire/ -- National home values continued their year-long climb in October, rising 1.1 percent from September to a Zillow® Home Value Indexi of $155,400, according to the October Zillow Real Estate Market Reportsii.
The monthly increase was the largest since August 2005, when home values rose 1.2 percent month-over-month, and represents the twelfth consecutive monthly increase. Annually, home values were up 4.7 percent from October 2011, the largest gain since September 2006.
Of the nation's 30 largest metro areas covered by Zillow, only Chicago experienced monthly home value declines. Additionally, 26 of the country's largest metros experienced year-over-year value increases. Major markets where home values increased the most over the past year include Phoenix (22.3 percent), San Jose (11.4 percent), Denver (10.4 percent), San Francisco (9.5 percent) and Miami-Ft. Lauderdale (8.8 percent).
National rents were largely flat month-to-month, falling 0.1 percent to a Zillow Rent Indexiii of $1,279. Year-over-year, rents nationwide were up 5.4 percent and rose on an annual basis in all but three of the largest metros surveyed.
"We've reached a milestone with one full year of monthly home value gains," said Zillow Chief Economist Dr. Stan Humphries. "Those dubious about the durability of the housing recovery will point to the large role that investors are playing in the recovery, or to the large number of foreclosures yet to hit the market, as factors to be wary of. But the bottom line is that homes are more affordable now than at any time in recent memory, and buyers are seizing this opportunity. We expect to see increasing numbers of potential buyers entering the market as the broader economy continues to recover and household formation picks up further. We're hopeful that negotiations over the 'fiscal cliff' don't derail this momentum."
Foreclosures also fell in October, with 5.57 out of every 10,000 homes in the country being foreclosed during the month. That was down 0.8 percent from September, and down 1.9 percent year-over-year.
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 website and mobile applications, 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 350 markets at Zillow Real Estate Research. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Mobile, Postlets®, Diverse Solutions® and Buyfolio™. The company is headquartered in Seattle.
Zillow.com, Zillow, Postlets and Diverse Solutions are registered trademarks of Zillow, Inc. Buyfolio 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.