Today’s report from Zillow Real Estate Research on October home prices:
Zillow’s October Real Estate Market Reports, released today, show that national home values rose 1.1% from September to October to $155,400 (Figure 1). This is the largest monthly increase since August 2005 when home values rose 1.2% month-over-month. October 2012 marks the 12th consecutive month of home value appreciation, further evidence of a durable housing market recovery. On a year-over-year basis, home values were up by 4.7% (see chart above) in October 2012 – a rate of annual appreciation we haven’t seen since September of 2006, before the peak of the housing bubble.
The Zillow Home Value Forecast, which is now available on a monthly basis, calls for 1.5% appreciation nationally from October 2012 to October 2013. Most markets have already hit a bottom and 40 out of the 256 markets covered are forecasted to experience home value appreciation of 3% or higher.
Note: 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. The ZHVI at the national level is calculated as the median Zestimate of all homes in the US.
For an analysis of how the Zillow Home Value Index compares to the Case-Shiller Home Price Indexes, and why the ZHVI may have some advantages because of its greater coverage and use of higher frequency data than Case-Shiller, go here.