Home Values Rising

The following article is a special report from Zillow.

Zillow issued a released Friday reporting that both national home values and rents rose in the month of April.

According to the April Zillow Real Estate Market Reports, national home values rose 0.7% in April to a Zillow Home Value Index of $147,300.  This is the largest monthly increase in home values since January 2006, and it makes April the second month in a row in which home values climbed up.

Zillow also reported that rents rose from March to April, increasing by 1.6%, according to the Zillow Rent Index.  Of the 178 markets covered by Zillow, 78% experienced a rise in rents.

The Miami-Fort Lauderdale and Phoenix metro areas saw the biggest increases in home values, rising 1.6 and 1.9 percent, respectively.  Values continued to decrease in hard-hit markets like Atlanta, where home values fell 0.7%.

“The housing market continues to show positive signs, with home values increasing significantly in April,” said Dr. Stan Humphries, chief economist at Zillow.  “The recovery is moving in the right direction, but we caution that negative equity will cast a long shadow over the housing market.  With almost one-third of homeowners with mortgages underwater and unable to sell their homes, inventory is having a hard time keeping up with increasing demand in many areas.  We’ll continue to watch this signal as increasing home values turn from a blip into a trend.”

Foreclosures also continued to decline in April, with 6.8 out of every 10,000 homes being foreclosed across the U.S.  That figure was down from 8 out of every 10,000 in March.

Advertisements

Tags: ,

About elitehomeremodeling

Elite Home Remodeling serves the greater Northern Virginia, Washington D.C., and Maryland metro areas providing high quality, friendly and knowledge service for all of your home improvement, renovations, remodeling and restoration needs. We specialize in kitchen and bathroom remodeling, interior and exterior painting, drywall and carpentry renovations, roofing and siding renovations and restorations and many other services that best fit your home improvement needs.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: