Home Values Reach All Time Highs

Dated: 07/25/2017

Views: 175

HOME VALUES REACH ALL-TIME HIGHS
THE ECONOMY: July 25, 2017

The national median home value has careened to over $200,000 for the first time, with a 7.4 percent annual gain rocketing it to a new high of $200,400, according to the Zillow Home Value Index (ZHVI) in the June Zillow® Real Estate Market Reports. Values in 10 of the 35 major metropolitan areas assessed by Zillow are now within the $200,000 range.

Values are on a swift upswing due to low levels of supply and spiking demand. There are now 11 percent fewer homes for sale compared to one year ago, the Reports show.
“The national housing market remains red hot and shows no signs of slowing, even as some local markets like the Bay Area have noticeably cooled,” says Dr. Svenja Gudell, chief economist at Zillow. “But even in areas where the housing market has slowed, home values are at or very near peak levels, selection is limited, demand is high and competition is fierce.”
Of the markets assessed, values in 13 are still below the national median: Cleveland, Ohio ($134,600); Pittsburgh, Pa. ($137,400); Indianapolis, Ind. ($138,100); Detroit, Mich. ($141,000); St. Louis, Mo. ($148,600); Cincinnati, Ohio ($152,600); Kansas City, Mo. ($159,400); Columbus, Ohio ($162,500); San Antonio, Texas ($162,700); Charlotte, N.C. ($174,800); Houston, Texas ($178,400); Atlanta, Ga. ($179,900); and Tampa, Fla. ($185,700).
Twelve of the markets assessed, however, are far removed, with some sustaining values at least three times higher than the national median: San Jose, Calif. ($1,013,700); San Francisco, Calif., ($854,300); Los-Angeles-Long Beach-Anaheim, Calif. ($609,800); San Diego, Calif. ($548,000); Seattle, Wash. ($447,100); Boston, Mass. ($427,700); New York, N.Y. ($422,300); Washington, D.C. ($382,600); Denver, Colo. ($370,000); Sacramento, Calif. ($369,200); Portland, Ore. ($367,400); and Riverside, Calif. ($328,800).
The national median rent in the Zillow Rent Index (ZRI), meanwhile, has posted an annual gain of 1.1 percent, with the median rent totaling $1,422.
“Given these high costs and high competition, the most important thing you can do is get your finances in order so you know what you can comfortably afford, and find an agent who has experience with bidding wars and will help you stand out in a competitive market, especially if you’re buying for the first time,” Gudell says.
Source: NAR


SHOWING INDEX INCREASES 10%
THE ECONOMY: July 14, 2017

ShowingTime’s Showing Index™ in June increased 10.3 percent at the national level from one year ago, with the Northeast having the highest year-over-year increase in showings at 15.2 percent, the company recently announced. Showings in the Midwest and South also increased, 10.3 percent and 7.8 percent, respectively, while showings in the West decreased 2.8 percent.
“Property showing activity is a highly reliable leading indicator
 of current and future demand trends,” says Michael Lane, president of ShowingTime. “The data from showings can be used to forecast market trends, facilitate better decision-making for buyers and sellers, and assist real estate professionals in identifying and capitalizing on hot spots.  MLSs and REALTOR® associations have a huge appetite for data and analytics,” Lane says. “Our clients have asked us to research, design and implement analytical tools for their business-to-business services with real estate agents and brokers. This is an example of that work on behalf of our clients.”
The Index 
tracks the average number of appointments received on an active listing during its lifecycle.
Source: NAR

Blog author image

David Sarnowski

David is a seasoned real estate professional, specializing in residential sales, rentals and investment properties. David is a 15 year resident of the New Jersey Gold Coast, with the local knowledge n....

Latest Blog Posts

3 Tips For Getting The Most Out Of Your Time House Hunting

In the ideal home-buying scenario, you’d have plenty of time to find the perfect home. However, this is not always possible. Maybe you are relocating for a job and have to buy a house from

Read More

3 Programs That Allow You To Buy A Home With No Money Down In 2018

3 Programs That Allow You To Buy A Home With No Money Down In 2018 Home buyers are typically advised to put at least 20% down for a mortgage. Coming up with that amount can seem almost impossible

Read More

House Hunting When You Are In A Time Crunch

House Hunting When You Are In A Time Crunch In an ideal world, you’d have plenty of time to find the perfect home. However, that does not always happen. Maybe you are relocating because of a job

Read More

How To Manage Investment Property While Working FullTime

In 2017, upwards of 75 percent of independent rental property owners in the U.S. reportedly worked another job on top of being a landlord. That means the overwhelming majority of landlords are

Read More