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Zillow Reports Home Gains in July, Predicts Market Decrease in Fall

Zillow Reports Home Gains in July, Predicts Market Decrease in Fall

Zillow: July Sees More Home Value Gains, Market to Cool in Fall

Zillow released on Tuesday its Real Estate Market Reports for July, revealing that the company’s Home Value Index hit $151,600 for the month, a 0.5 percent gain from June and a 1.2 percent increase year-over-year.

Of the metro areas covered in the reports, 62 percent saw home values climb during July, with only 49 of the 167 areas posting declines. Of the 30 largest areas covered, the Phoenix metro experienced the largest monthly increase (2.2 percent), followed by San Francisco (1.2 percent) and Denver (1.0 percent).

While rising home values may be taken as a sign of a healing market, Zillow chief economist Dr. Stan Humphries said these increases should simmer down in the coming months.

“This summer, the housing market continued to heal, as home values experienced their eighth consecutive month of increases,” Humphries said. “Tight inventory levels are leading to bidding wars and multiple offers across the country. Looking ahead, we expect to see less aggressive increases in the fall as rising values lift some would-be sellers out of negative equity, allowing them to place their homes on the market.”…

Read the rest of this article by DSNews.com online here: “Zillow: July Sees More Home Value Gains, Market to Cool in Fall”.

Latest Real Estate Market Information

Latest Market @ A Glance
C.A.R. closely monitors and analyzes trends in the residential real estate industry. The table below contains the latest reported existing home sales series, median home prices, unsold inventory index, median time on market, first-time buyer housing affordability index, and the latest mortgage rates.

CAR | Real estate market at a glance

This information is from the California Association of Realtors, available here: Latest Market @ A Glance