SEATTLE, Sept. 19, 2012 /PRNewswire/ -- Home values fell for the first time in nine months in August, declining 0.1 percent month-over-month to a Zillow® Home Value Index[i] of $152,100, according to the August Zillow Real Estate Market Reports[ii]. Home values were up on a year-over-year basis, however, increasing 1.7 percent from August 2011.
Major markets that saw home values edge downward from July to August after experiencing prior increases included the Chicago (-0.7 percent), New York (-0.3 percent) and Boston (-0.2 percent) metros. Home values continued to climb in the Phoenix (1.6 percent) and Miami-Ft. Lauderdale (1 percent) metros, although the rate of increase was smaller in August.
U.S. rents, however, continued to rise, climbing 0.2 percent month-over-month and 5.9 percent year-over-year to a Zillow Rent Index[iii] of $1,280. Nationally, rents have increased in seven out of the past 12 months. Rents rose by double-digit percentages year-over-year in the Chicago metro (12.8 percent), the Baltimore metro (12.4 percent) and the Philadelphia metro (10.5 percent).
"Home values took a small hit in August, but this shouldn't be cause for alarm," said Zillow Chief Economist Dr. Stan Humphries. "The back half of the year is always softer than the front half, and this year is no exception. We've been encouraging folks to focus on the longer term trends and not monthly blips. Home values will rise a little and fall a little, month by month, in the near future, but we believe the overall trend will remain positive albeit still below normal rates of appreciation."
Foreclosures continued to decline in August, with 6 out of every 10,000 homes in the country being foreclosed. That was down from 6.4 out of every 10,000 homes in July.
Zillow Home Value Index
Zillow Rent Index
The full national report, in its interactive format, will be available at www.zillow.com/local-info at 8 a.m. ET on Wednesday, Sept. 19. 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 Reports 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 350 markets at Zillow Real Estate Research. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace, Zillow Mobile, Postlets®, Diverse Solutions™ and RentJuice®. The company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate, Postlets and RentJuice 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, and seasonally adjusted.
[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.
SOURCE Zillow, Inc.
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