U.S. Home Values Continue to Surge in August; Pace Expected to Slow as Summer Season Ends
DATE:SEPTEMBER 22, 2013
… A majority (85 percent) of the 382 metros covered in August experienced annual home value appreciation. Among the 30 largest metro areas covered by Zillow, 20 saw annual appreciation of 10 percent or more. Metros with notable annual increases in August include Sacramento (34.1 percent), Las Vegas (30.6 percent) and Riverside, Calif. (29.7 percent).
For the 12-month period from August 2013 to August 2014, U.S. home values are expected to rise another 5.2 percent, to approximately $170,500, according to the Zillow Home Value Forecast, a slower pace than what the market is currently experiencing. Large metro areas expected to show the most appreciation over the next year include Riverside (21.9 percent), Sacramento (19.2 percent) and Los Angeles (13.2 percent).
…National rents also rose in August compared with July, up 0.5 percent to a Zillow Rent Index of $1,293. Year-over-year, national rents were up 1.9 percent in August.
The number of completed foreclosures in August fell to 5.17 homes foreclosed out of every 10,000 homes nationwide, down from 5.27 homes in July. Foreclosure resales represented 8.28 percent of homes sold in the U.S. in August, down 0.3 percentage points from July and 3.1 percentage points from August 2012.