In
January home values were up 0.7% from December 2012 and 6.2% from the same time
last year, according to the latest Zillow Home Value Index.
The
6.2% annual gain is the largest since July 2006, when home values rose 7.5%
year in year. The last time national home values were at this level was in June
2004.
Of
the nation's 30 largest metro areas covered by Zillow, 27 showed monthly home
value appreciation. Metro areas with the largest monthly gains in January
included San Francisco and Tampa both up 2%, San Diego up 1.8%, Riverside in
California up 1.7% and Sacramento in California up 1.5%.
On
an annual basis, all 30 of the nation's largest metro areas tracked by Zillow
experienced year on year gains in January. Major markets where home values rose
the most over January 2012 included Phoenix up 21.9%, San Francisco up 17.2%,
San Jose up 16.8%, Las Vegas up 16.2% and Sacramento up 13.7%.
The
firm said that because of seasonality, national rents fell slightly in January
compared with December, down 0.2%, but year on year national rents were up 4.3%
last month.
‘The
winter months are typically when things cool off in the housing market, but
high demand and continued tight inventory in many markets have helped keep
things at a boil through the early part of 2013,’ said Zillow chief economist
Stan Humphries.
‘Demand
will continue to be high throughout 2013, which will help home values and rents
alike continue to rise. Foreclosure activity remains high, despite recent drop
offs. This will have the dual effects of nurturing rental demand, as displaced
former home owners seek new lodgings, and of adding supply to many markets, as
foreclosed properties re-enter the market,’ he added.
The
data also shows that completed foreclosures slowed in January, falling to 5.54
homes foreclosed out of every 10,000 homes nationwide. That was down 0.8 homes
over December and down 2.3 homes year on year.
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