Zillow calls bottom for home values
Index based on 'Zestimates' shows first year-over-year quarterly gain since 2005
By Inman News, Tuesday, July 24, 2012.
Binary globe image via Shutterstock.U.S. home values eked out their first year-over-year quarterly gain in five years during the second quarter of 2007, according to a report released today by online real estate marketplace Zillow.
Zillow's second-quarter real estate market report showed median home values up 0.2 percent at the end of June compared to a year ago, to $149,300. The report also showed median home values have posted four consecutive months of year-over-year gains.
"After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values," said Zillow Chief Economist Stan Humphries in a statement.
The Phoenix metro continued its leadership among U.S. metros with a 12.1 percent year-over-year median home value increase to $136,200 in the quarter anding June 30.
The Fort Myers, Fla., metro area took the second place spot with a 7.9 percent median home value increase for the quarter from last year to $136,000.
The Green Bay, Wis., metro area, with a 6.6 percent jump in median home values to $131,700, rounded out the top three.
Among the top 10 metros for annual price gains, all but one -- Denver, at $211,300 -- had index values well below the June U.S. median existing-home price of $189,400, as reported by the National Association of Realtors earlier this month. The Zillow Home Value Index average for all 10 was $130,090.
Of the 167 metros Zillow tracks, 53 showed increases in estimated median home values from the second quarter of 2011.
The Zillow Home Value Index is built from automated valuation estimates ("Zestimates") generated by Zillow for single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. At the national level, the Zillow Home Value Index reflects the median Zestimate of all homes in the U.S. expressed in dollars.
The Zillow Rent Index, launched in March and an additional component of Zillow's real estate market report, shows a U.S.-wide 5.2 percent year-over-year increase to $1,276 from a year ago.
See the top 10 metros for year-over-year percentage median home value increase below.
Location: Phoenix
| Zillow Home Value Index (Q2 2012) | $136,200 |
| Percent change (Q2 2011 to Q2 2012) | 12.1% |
| Zillow Rent Index | $1,148 |
| Percent change (Q2 2011 to Q2 2012) | 0.3% |
Chase Field in Phoenix via Doug James/Shutterstock
...CONTINUED
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
You must login or register to post a comment.
Submitted by Alexis Eldorrado on July 24, 2012 - 2:18pm.
Alexis Eldorrado
Managing Broker
In the Chicago real estate market, we are finding the same trend in our stats. The rise has started!!
Eldorrado Chicago Real Estate LLC
150 N. Michigan Avenue, Suite 2800
Chicago, IL 60601
312-612-9060
Alexis@Eldorrado.com
www.Eldorrado.com
Submitted by David Barr on July 28, 2012 - 4:54am.
Since when are Zillow "home value" considered a trustworthy source of real estate prices?
www.davidbarrhomes.com/debunking_zillow
Submitted by Earnest Schmutzler on July 28, 2012 - 6:56am.
Don't you mean "2012" ????????
Please
Submitted by Dorin Frai on July 28, 2012 - 7:01am.
Man against Zillow machine - the real estate crisis is not over due to high unemployment, rising taxes etc. I also doubt that a bottom is in place as the FED have few options left to combat the economic malaise. How many trillions will they add to the national debt ...the 5 trillion wasted so far have accomplished nothing.
We believe the Zillow computers crunching the data are defective.
A concerned realtor.
www.fulcrum-realty.com
Submitted by Michael Garcia on July 28, 2012 - 9:45am.
You got to be kidding! Since when has zillow been accurate about anything? They have never been even remotely close with their facts on inventory levels, activity or lack thereof. If we hit bottom, then why are the banks holding back more than 4.5 million foreclosed homes from the market? The only true reason for higher close prices in any 'local' market is due to the banks manipulating the so called 'bottom'. When they release only a few homes at a time to the market and give the general public a false impression that the end of the line on foreclosed properties is near, they in fact are not only building a false bottom, but are in fact bringing up the sold prices on these homes. As each property will get multiple offers from asking to well over asking prices, they are also mis-leading the general public and most economic specialist and ignorant internet sites like zillow. What a joke zillow is and now inman news for reporting this article as if its factual.