U.S. Home Values Fall Slightly In August After Nine Consecutive Months Of Increases

by 19 Sep 2012

Rents Continue to Rise, Up 0.2% from July, According to August Zillow Real Estate Market Reports

SEATTLE, Sept. 19, 2012 -  Zillow -- Home values fell for the first time in nine months in August, declining 0.1 percent month-over-month to a Zillow® Home Value Index[i] of $152,100, according to the August Zillow Real Estate Market Reports[ii]. Home values were up on a year-over-year basis, however, increasing 1.7 percent from August 2011.

Major markets that saw home values edge downward from July to August after experiencing prior increases included the Chicago (-0.7 percent), New York (-0.3 percent) and Boston (-0.2 percent) metros. Home values continued to climb in the Phoenix (1.6 percent) and Miami-Ft. Lauderdale (1 percent) metros, although the rate of increase was smaller in August.

U.S. rents, however, continued to rise, climbing 0.2 percent month-over-month and 5.9 percent year-over-year to a Zillow Rent Index[iii] of $1,280. Nationally, rents have increased in seven out of the past 12 months. Rents rose by double-digit percentages year-over-year in the Chicago metro (12.8 percent), the Baltimore metro (12.4 percent) and the Philadelphia metro (10.5 percent).

"Home values took a small hit in August, but this shouldn't be cause for alarm," said Zillow Chief Economist Dr. Stan Humphries. "The back half of the year is always softer than the front half, and this year is no exception. We've been encouraging folks to focus on the longer term trends and not monthly blips. Home values will rise a little and fall a little, month by month, in the near future, but we believe the overall trend will remain positive albeit still below normal rates of appreciation."

Foreclosures continued to decline in August, with 6 out of every 10,000 homes in the country being foreclosed. That was down from 6.4 out of every 10,000 homes in July.

Metropolitan Areas

Zillow Home Value Index

Zillow Rent Index

 

Aug. 2012

MoM Change

Aug. 2012

MoM Change

 

United States

$ 152,100

-0.1%

$1,280

0.2%

 

New York

$340,200

-0.3%

-

-

 

Los Angeles

$392,500

0.4%

$2,296

0.3%

 

Chicago

$160,800

-0.7%

$1,547

1.0%

 

Dallas-Fort Worth

$125,300

-1.1%

$1,329

0.7%

 

Philadelphia

$185,700

-0.3%

$1,496

0.1%

 

Washington DC

$313,200

0.0%

$2,080

0.2%

 

Miami-Fort Lauderdale, Fla.

$148,600

1.0%

$1,597

0.2%

 

Atlanta

$111,400

-1.5%

$1,144

0.1%

 

Boston

$310,500

-0.2%

$1,970

1.0%

 

San Francisco

$491,700

0.7%

$2,475

0.0%

 

Detroit

$77,600

-0.5%

$1,035

0.1%

 

Riverside, Calif.

$186,600

0.7%

$1,545

-0.1%

 

Phoenix

$147,000

1.6%

$1,159

0.3%

 

Seattle

$261,900

0.1%

$1,635

0.4%

 

Minneapolis-St Paul, Minn.

$169,500

-0.2%

$1,461

0.3%

 

San Diego

$351,300

0.9%

$2,111

0.9%

 

Tampa, Fla.

$109,800

0.0%

$1,183

0.3%

 

St. Louis

$123,700

-0.5%

$1,133

0.4%

 

Baltimore

$216,800

-0.3%

$1,691

0.4%

 

Denver

$217,100

0.8%

$1,508

0.2%

 

Pittsburgh

$108,800

-0.4%

$1,042

-2.3%

 

Portland, Ore.

$220,900

0.3%

$1,407

0.4%

 

Sacramento, Calif.

$207,400

0.5%

$1,477

-0.1%

 

Orlando, Fla.

$121,300

-0.2%

$1,215

0.2%

 

Cincinnati

$123,200

-0.4%

$1,035

2.1%

 

Cleveland

$109,300

-0.5%

$1,082

0.0%

 

Las Vegas

$120,300

1.1%

$1,163

0.0%

 

San Jose, Calif.

$589,200

0.7%

$2,603

1.0%

 

Columbus

$123,900

-0.7%

$1,174

-0.4%

 

Charlotte

$134,400

0.1%

$1,151

0.7%

 
   
               

The full national report, in its interactive format, will be available at www.zillow.com/local-info at 8 a.m. ET on Wednesday, Sept. 19. Additionally, in most areas, data is available at the state, metro, county, city, ZIP code and neighborhood levels. More market analysis of the monthly data can be found at www.zillow.com/research, and a PDF of the Real Estate Market Reports can be found at www.zillow.com/blog/research/data/

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