National home values won’t get back to their prior peaks until at least the first quarter of 2017, almost a decade after the beginning of the housing recession.
After rising at the end of 2013, for-sale inventory has fallen for four straight months to begin 2014.
The U.S. Zillow Home Value Index stood at $169,100 as of the end of the fourth quarter, up 1.4 percent from the end of the third quarter, and 0.6 percent from November.
Home values rose in November, up 0.6 percent from October, according to the latest Zillow Real Estate Market Reports.
The overall cumulative value of all homes in the U.S. at the end of 2013 is expected to be approximately $25.7 trillion, up almost $1.9 trillion, or 7.9 percent, from the end of 2012.
Zillow’s Market Health Index, measured on a scale from 0 to 10, is a new measure designed to illustrate the current health of a region’s housing market relative to similar markets nationwide.
The U.S. Zillow Home Value Index was $162,800 in October, down 0.1 percent from September.
The national housing market recovery proved it is on firm ground in July, as home values rose 6 percent year-over-year to a Zillow Home Value Index of $161,600.
Panelists said they expected median U.S. home values to rise to $167,490 by the end of this year, up from $156,900 at the end of 2012 and $161,100 currently.
As the weather warmed up this spring, so did the national housing market, shaking off a relatively sluggish start to the year to register the highest annual rate of home value appreciation in any second quarter since 2004.
Home values were up 5.4 percent year-over-year in May, the second-highest annual rate of national appreciation registered in the past 12 months.
The reports provide a quick and informative look at the current status of both the rental and homeownership markets, and will be produced in conjunction with our monthly and quarterly Zillow Real Estate Market Reports.
February represented the 16th straight month of home value gains since the market hit bottom in October 2011.
Sending in that rent check every month can feel like you’re flushing money down the drain. As it turns out, though, renting for a few years may make perfect financial sense.
The strong momentum the housing market built up in 2012 has officially carried over into 2013, as home values rose to $158,100 last month.