Home values post largest monthly gain since
2006:
Home values nationwide increased 0.5 percent from February to
March, according to Zillow's first quarter Real Estate Market Reports. This
marks the largest monthly increase in the Zillow Home Value Index since May
2006, when home values also rose 0.5 percent.
The Index fell 3.1 percent
year-over-year to $146,200.
Nineteen of the 30 metro areas covered by the
Zillow Home Value Forecast will reach a bottom in 2012, or have already reached
a bottom. Several of those are expected to see significant home value increases
in the next 12 months, including the Phoenix (6.5 percent), Miami-Ft. Lauderdale
(5.6 percent), and Tampa (2.5 percent) metros, according to the
forecast.
Twelve of the markets covered by the Zillow Home Value Forecast
will experience home value declines in the next 12 months, although some of
those are likely to reach a bottom in late 2012. Some metros, however, are
anticipated to experience significant home value declines in the next 12 months,
including the Atlanta metro, with home values falling 4.1 percent, and the
Chicago metro, where values are expected to decline 3.8
percent.
Nationally, the Zillow Home Value Forecast shows that home
values will fall 0.4 percent over the next 12 months, with many months showing
no change or slight appreciation late this year, suggesting that U.S. home
values could reach a bottom in late 2012.
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