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Home values in a quarter of U.S. markets at record levels, Zillow analysis shows


Housing prices continue to blow past prior records, with median home values in 26 percent of U.S. housing markets now at all-time highs, according to Zillow’s February Real Estate Market Reports.

Nationally, the year-over-year increase in home value as of February was 4.3 percent, with the Zillow Home Value Index at $184,600 — which is only 5.9 percent below the record median home value set in mid-2007. Home values in the South, particularly Texas and Tennessee, along with Western housing markets are leading the pace in eclipsing prior median home-value records, Zillow reports.

In Texas, the Dallas market in February notched a record median home value of $180,700, up 13.7 percent from the prior year’s mark. Louisville, Kentucky, and Nashville, Tennessee, recorded home-value increases of 13.2 percent (to $146,100) and 9.5 percent (to $189,100), respectively, the Zillow report shows.

Coupled with tight housing inventories, the escalating home prices are making it difficult to purchase a home, especially for renters trying to save for a downpayment while also coping with historically high rental costs, the Zillow report states.

"These new records mean we're no longer making up ground lost during the housing recession,” Zillow Chief Economist  Svenja Gudell said in a prepared statement. “In some markets, these new highs are a return to normalcy. The fact that other markets are still off by double digits may not mean those markets are far from being recovered. It just highlights how extraordinarily inflated home values had been during the housing bubble.”

In addition to Dallas and Louisville, other markets recording double-digit increases in median home value year over year as of this past February, according to Zillow, include the following: Denver, 14.5 percent (to $326,300); Portland, Oregon, 13.4 percent (to $315,800); San Jose, California, 11.4 percent (to $938,700); San Francisco, 10.9 percent (to $792,600); and Miami-Fort Lauderdale, 10.5 percent (to $228,800). All of the markets have matched or exceeded their prior peak home values, with the exception of Miami-Fort Lauderdale, which Zillow reports is still 25.4 percent off its all-time high.

Questions? Contact Bill Conroy at (800) 297-6061 or billc@scotsmanguide.com.

 


 

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