30 Largest Metros Covered by Zillow All Experience Home Value Gains in Feb.

February was another strong month for the housing market, as all 30 of the largest metro areas covered by Zillow experienced both monthly and annual home value appreciation. February represented the 16th straight month of home value gains since the market hit bottom in October 2011.

U.S. home values rose 0.1 percent in February compared with January, to $158,100, and were up 5.8 percent year-over-year. The 5.8 percent annual gain is the second-largest since August 2006, exceeded only by January’s 6 percent year-over-year jump. The last time national home values were at this level was in June 2004.

The large annual gain is well above historic norms more typical of healthy markets of roughly 3 percent, and are largely unsustainable and not expected to continue. For the 12-month period from February 2013 through February 2014, U.S. home values are expected to rise 3.2 percent to approximately $163,100, according to the Zillow Home Value Forecast. A large part of this moderation in home value appreciation is expected to come from more homes entering the market in coming months.

“The housing market recovery has continued to gain momentum over the past several months and looks firmly entrenched as we enter the 2013 spring home shopping season,” said Zillow Chief Economist Dr. Stan Humphries. “We expect that rising home values will continue to help cure many of the ills still facing the housing market, including high levels of negative equity. Rising home values will free many more homeowners from negative equity, allowing some of them to list their homes for sale which, in turn, will ease supply constraints. Burgeoning new construction will also help bring more supply into the marketplace. As more supply comes on line, home value appreciation rates will moderate and stabilize, marking the final transition from a recovering market to a healthy and sustainable market.”

Of the 30 largest metro areas covered by Zillow, markets where home values increased the most over February 2012 included Phoenix (+22.9 percent), San Francisco (+18.6 percent), Las Vegas (+18.1 percent), San Jose (+17.1 percent) and Sacramento, CA (+15.3 percent). Only 73 of the 352 total metro markets covered by Zillow experienced year-over-year home value declines in February.

National rents rose slightly in February compared with January, up 0.1 percent to a Zillow Rent Index of $1,282. Year-over-year, national rents were up 4.5 percent in February.

The number of completed home foreclosures in February fell to 5.25 homes foreclosed out of every 10,000 homes nationwide, down 0.8 homes from January and 2.5 homes from February 2012. Foreclosure resales represented 13.71 percent of homes sold in February, up 1.2 percentage points from January but down 3.5 percentage points from February 2012.

For more information on Zillow’s February Real Estate Market Reports, please see our research brief here.

Zillow Home Value Index

Zillow Rent Index

Metropolitan Areas

Feb. 2013 ZHVI Month-Month % Change Year-Year % Change Feb. 2013 ZRI Month-Month % Change Year-Year % Change
United States

$158,100

0.1%

5.8%

$1,282

0.1%

4.5%

New York

$346,500

0.1%

2.0%

Los Angeles

$427,100

1.1%

11.4%

$2,304

0.4%

3.2%

Chicago

$162,700

0.2%

2.5%

$1,518

0.2%

3.7%

Dallas-Fort Worth

$133,100

0.8%

6.9%

$1,331

0.2%

4.2%

Philadelphia

$189,700

0.4%

1.9%

$1,477

0.7%

0.0%

Washington, DC

$328,700

0.4%

7.1%

$2,071

0.1%

3.3%

Miami-Fort Lauderdale

$157,600

1.0%

11.5%

$1,622

0.3%

3.0%

Atlanta

$117,500

1.3%

4.1%

$1,137

0.3%

0.7%

Boston

$320,600

0.3%

5.0%

$1,977

0.2%

6.1%

San Francisco

$545,900

1.3%

18.6%

$2,530

0.9%

5.9%

Detroit

$84,900

2.2%

14.4%

$1,036

0.1%

2.6%

Riverside

$204,900

1.5%

14.0%

$1,589

0.1%

3.2%

Phoenix

$162,300

1.5%

22.9%

$1,165

0.4%

2.7%

Seattle

$274,200

0.4%

8.1%

$1,622

0.0%

1.6%

Minneapolis-St. Paul

$177,800

1.1%

9.3%

$1,461

0.8%

4.8%

San Diego

$385,800

1.0%

13.9%

$2,117

0.3%

0.4%

Tampa, FL

$118,000

1.4%

10.9%

$1,191

0.1%

2.2%

St. Louis

$127,600

0.5%

2.2%

$1,113

0.0%

0.3%

Baltimore

$223,500

0.4%

3.7%

$1,666

0.2%

3.4%

Denver

$230,400

0.3%

12.2%

$1,551

0.5%

8.5%

Pittsburgh

$113,800

0.7%

3.7%

$971

0.0%

-4.0%

Portland, OR

$232,600

0.4%

8.4%

$1,414

0.0%

5.1%

Sacramento, CA

$231,900

1.3%

15.3%

$1,471

0.3%

3.7%

Orlando, FL

$126,400

0.6%

7.9%

$1,212

0.2%

1.7%

Cincinnati

$122,400

0.2%

1.2%

$1,068

0.8%

-2.5%

Cleveland

$110,400

0.5%

1.7%

$1,100

1.2%

2.9%

Las Vegas

$133,500

1.5%

18.1%

$1,149

-0.2%

-0.9%

San Jose, CA

$644,400

0.7%

17.1%

$2,675

0.8%

5.5%

Columbus, OH

$127,800

0.2%

4.5%

$1,165

1.9%

1.6%

Charlotte, NC

$138,200

0.1%

3.8%

$1,154

0.7%

6.4%