After reaching a national home value bottom in Q2, the housing market has continued on a positive streak through the summer months. July marks the eighth consecutive month of home value appreciation, according to Zillow’s July Real Estate Market Reports, which were released today.
Nationally, home values climbed 0.5 percent from June to July. Additionally, most of the metros (62 percent) covered in the reports saw home value gains over the past month. Of the 30 largest metros tracked by the Zillow Home Value Index, Phoenix, San Jose and San Francisco, experienced some of the largest monthly increases, rising 2.2, 1.2 and 1.2 percent, respectively.
Rents also showed continued strength, showing double-digit increases in several large metro areas where home values continue to decline. Chicago metro rents, for example, are up over 12 percent from July 2011, while home values are down 5.8 percent over the same time period.
“This summer, the housing market continued to heal, as home values experienced their eighth consecutive month of increases,” said Zillow Chief Economist Dr. Stan Humphries. “Tight inventory levels are leading to bidding wars and multiple offers across the country. Looking ahead, we expect to see less aggressive increases in the fall as rising values lift some would-be sellers out of negative equity, allowing them to place their homes on the market.”
More information is also available at Zillow Research.