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SOURCE Zillow, Inc.
January Marks 15th Consecutive Month Of Home Value Gains; Southwest, California Markets Continue To Lead Nation In Appreciation
SEATTLE, Feb. 22, 2013 /PRNewswire/ -- Home values began 2013 on a positive note, much the same way they ended 2012, and rose for the 15th consecutive month in January to a Zillow® Home Value Indexi of $158,100, according to the January Zillow Real Estate Market Reportsii.
January home values were up 0.7 percent from December 2012, and 6.2 percent from last year. The 6.2 percent annual gain is the largest since July 2006, when home values rose 7.5 percent year-over-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 (2 percent), Tampa, Fla. (2 percent), San Diego (1.8 percent), Riverside, Calif. (1.7 percent) and Sacramento, Calif. (1.5 percent).
On an annual basis, all 30 of the nation's largest metro areas tracked by Zillow experienced year-over-year gains in January. Major markets where home values rose the most over January 2012 included Phoenix (21.9 percent), San Francisco (17.2 percent), San Jose (16.8 percent), Las Vegas (16.2 percent) and Sacramento (13.7 percent).
Because of seasonality, national rents fell slightly in January compared with December, down 0.2 percent to a Zillow Rent Indexiii of $1,271. Year-over-year, national rents were up 4.3 percent 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 Dr. 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 homeowners seek new lodgings, and of adding supply to many markets, as foreclosed properties re-enter the market."
Completed foreclosures also 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-over-year.
About Zillow: Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Buyfolio™, Mortech™ and HotPads™. The company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate, Postlets and Diverse Solutions are registered trademarks of Zillow, Inc. Buyfolio, Mortech, HotPads and Digs are trademarks 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 Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit www.zillow.com/research. The data in Zillow's Real Estate Market Reports is aggregated from public sources by a number of data providers for 923 metropolitan and micropolitan 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.