SEATTLE, May 25, 2012 /PRNewswire/ -- National home values rose for the second month in a row, climbing 0.7 percent from March to a Zillow Home Value Index[i] of $147,300. This is the largest monthly increase in home values since January 2006, when they rose 0.8 percent, according to the April Zillow® Real Estate Market Reports[ii].
Rents also rose from March to April, increasing 1.6 percent, according to the Zillow Rent Index[iii]. Rents rose in 78 percent of the 178 markets covered by Zillow.
Home values rose significantly in the Miami-Fort Lauderdale and Phoenix metro areas, rising 1.6 and 1.9 percent, respectively. However, values continued to fall in hard-hit markets such as Atlanta, where home values declined 0.7 percent.
"The housing market continues to show positive signs, with home values increasing significantly in April," said Zillow Chief Economist Dr. Stan Humphries. "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 continued to decline in April, with 6.8 out of every 10,000 homes in the country being foreclosed. That was down from 8 out of every 10,000 in March.
Zillow Home Value Index
Zillow Rent Index
Miami-Fort Lauderdale, Fla.
Minneapolis-St. Paul, Minn.
The full national report, in its interactive format, will be available at www.zillow.com/local-info at 8 a.m. ET on Friday, May 25. Additionally, in most areas, data is available at the state, metro, county, city, ZIP code and neighborhood levels. More market analysis of the monthly data can be found at www.zillow.com/research and a PDF of the Real Estate Market Report can be found at www.zillow.com/blog/research/data/.
About Zillow, Inc.
Zillow (NASDAQ: Z) is the leading real estate information marketplace, providing vital information about homes, real estate listings and mortgages through its mobile applications and websites, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs. 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 150 markets at Zillow Real Estate Research. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace, Zillow Mobile, Postlets® and Diverse Solutions™. The company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate and Postlets are registered trademarks of Zillow, Inc. Diverse Solutions is a trademark 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.
[ii] The data in Zillow's Real Estate Market Reports is aggregated from public sources by a number of data providers for 276 core-based statistical 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.
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