Magazine article Mortgage Banking

Zillow Finds Home Values Climbed 5.7 Percent Year over Year

Magazine article Mortgage Banking

Zillow Finds Home Values Climbed 5.7 Percent Year over Year

Article excerpt

Seattle-based Zillow released its Q1 Real Estate Market Report, and the findings show home values nationally climbed 5.7 percent in the one-year period ending in the first quarter. The report showed that national home prices have climbed year over year for 21 consecutive months, according to the real estate company.

Zillow's first-quarter report also found the inventory of homes listed for sale on Zillow fell in March for the first time, after showing annual gains in each of the past six months. The company said that inventory fell month over month in each of the three months of the first quarter.

The company also reported that nationally rents increased 2.7 percent on a year-over-year basis during the first quarter. Zillow also found that rents on a national basis rose by 0.9 percent in the first quarter compared with the fourth quarter of 2013.

Of the more than 300 metros tracked by Zillow, home prices in 60 markets have already exceeded or are expected to exceed their pre-recession peaks in the next year, the company reported. …

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