US residential values up for 13 months in a row
|Wednesday, 19 December 2012|
Property values in the United States increased nationally by 0.6% from October to November, the 13th month in a row of growth, the latest index from Zillow Real Estate Market shows.
It means that home values were up 5.2% compared with last November, the largest annual gain since August 2006, when home values rose 6% year on year and yet another sign that the US property market is recovering.
Of the nation's 30 largest metro areas covered by Zillow, 25 experienced monthly home value gains. Metro areas with the largest monthly gains in November included Sacramento up 1.8%, Detroit up 1.5%, Las Vegas, San Francisco, Riverside in California and Phoenix all up by 1.4%.
Additionally, 26 of the country's largest metros experienced year on year home value increases. Major markets where home values increased the most over the past year include Phoenix up 23.2%, San Jose up 13.4%, San Francisco up 12.1%, Las Vegas up 11% and Denver up 10.8%.
Chicago, Atlanta, Philadelphia and New York were the only metro areas in the top 30 where home values have declined year over year.
The index also shows that national rents were largely flat month on month, falling 0.1% but annually rents nationwide were up 4.5% and rose on an annual basis in 27 of the 30 largest metros surveyed.
The housing market recovery we've been experiencing throughout 2012 should continue on its own momentum into 2013,ђ said Zillow chief economist Stan Humphries.
Tight inventory, courtesy of negative equity, is running headlong into high demand driven by historic affordability and renewed consumer and investor interest. This is helping home values rise in a majority of metro areas nationwide. Looking forward, we expect this dynamic to continue, with the welcome result being more underwater borrowers released from negative equity as home values rise,ђ he explained.
Foreclosures also fell in November, with 5.26 out of every 10,000 homes in the country being foreclosed upon during the month. That was down 1.2% from October, and down 2% year on year.
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