If you need assistance, please call 702-476-0060

Home Value Growth Rate Fastest in Last 15 Years

Tuesday, November 24, 2020   /   by Ken Couture

Home Value Growth Rate Fastest in Last 15 Years

Home Value Growth.jpg
Home values continue to rise, their growth increasing faster than any time since 2005, according to Zillow’s® latest Real Estate Market Report. Home value growth increased from 0.9 percent month-over-month in September to 1 percent in October—the fastest rate in 15 years. The typical home value is currently $262,604.


“The red-hot housing market of this summer and fall is now clearly reflected in soaring home value appreciation,” said Zillow senior economist Jeff Tucker. “We haven’t seen such steep, short-term appreciation since the summer of 2005, but this time it is driven by buyers with strong credit and incomes securing affordable fixed-rate mortgages, unlike the wave of poorly-vetted, exotic mortgages that financed the last boom. The simple fact is that millions of well-qualified millennials are seriously shopping for houses and they are competing for a shortfall of homes for sale.”


In September, the quarterly growth for home values was 2.3 percent—the largest increase since the summer of 2013 at the time, when the U.S. was recovering from the Great Recession. In October, quarterly growth reached 2.6 percent, the highest since November 2005. Home values increased 6.6 percent year-over-year last October.


No major metro areas experienced a decrease in home values from September to October, but growth did decelerate in Las Vegas, Los Angeles and Riverside. Growth accelerated in 34 of the top 50 markets and was flat in 13 markets.


The rental market is vastly different: Rent prices dropped by 0.1 percent from September to October to $1,751. Across the U.S., typical rents are up about 0.9 percent year-over-year. In 2019, annual growth was 3.4 percent.


According to Zillow, yearly rent declines deepened in October in areas that formerly showed strong growth, including New York (-8.1 percent), San Francisco (-6.9 percent), Boston (-5 percent) and San Jose (-4.2 percent). These cities also displayed significant month-over-month declines in rent, along with Seattle (-1.7 percent), Chicago (-0.9 percent) and Washington, D.C. (-0.9 percent).

Follow us on:

FB: Ken Couture Realty Your Home Sold Guaranteed

IG: @kencouturerealtylv

Twitter: Ken Couture

Pinterest: Ken Couture

LinkedIn: Ken Couture Your Home Sold Guaranteed

Contact us at:

Ken@CoutureRealtyLV.com

702-476-0060

Couture Realty
Ken Couture
8367 W Flamingo Rd Suite 101
Las Vegas, NV 89147
702-476-0060

UP5DB701E1507748.jpgThe data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo. The information being provided is for the consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. GLVAR MLS deems information reliable but not guaranteed. Copyright 2021 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
This site powered by CINC: www.cincpro.com