SEATTLE, Dec. 19, 2014 /PRNewswire/ -- The total
value of all the homes in the United
States is expected to end 2014 at $27.5 trillion, a 6.7 percent increase from last
year and the third consecutive overall increase, according to
Zillow. Homes lost $6.1 trillion in
value between December 2006 and
December 2011.
The cumulative increase in home values is slightly smaller than
2013's 8 percent increase, and that kind of gradual slowing is a
sign of the times as the market heads for slower expected gains in
2015. Over the second half of 2014, inventoryi increased
in many U.S. markets and, with more homes on the market, home value
appreciation slowed.
"Looking at the total value of the U.S. housing stock proves
just how huge and important the housing sector is to the overall
economy," said Zillow Chief Economist Dr. Stan Humphries. "Virtually nowhere else will you
see gains of more than a trillion dollars in one year represent
only single-digit percentages of the total market. As we conclude
2014 and look ahead at 2015 and beyond, housing will play a bigger
role in the broader economic recovery. As the job market improves
and more households form, more people will search for homes to buy
and rent, which will translate into more people buying appliances
and home goods and lead to more jobs for home builders and
contractors. Housing is well positioned to continue the great
strides already made this year."
Zillow's November Real Estate Market Reportsii showed
home values up 6 percent from November
2013 to a Zillow® Home Value Index (ZHVI)iii of
$177,600. Looking ahead, as more
homes come on the market, growth in home values is expected to
slow, to a 2.4 percent pace through November
2015, according to the Zillow Home Value
Forecast.iv There were 11.8 percent more homes for sale
in November 2014 than a year prior,
but inventory fell slightly in many major markets from October to
November.
Among major markets, home values were up the most year-over-year
in Miami (13.6%), Atlanta (12.8%), Houston (11.9%), Orlando (11.9%), and Las Vegas (11.5%). Values were higher
than last November in almost every major U.S. metro.
National rents were up in November from a year ago, up 3.4
percent to a Zillow Rent Index (ZRI)v of $1,342.
Cumulative
Value
|
November Market
Reports
|
Metropolitan Area
|
Projected Value,
All Homes Year-End
2014
|
YoY
Change in Value
|
November 2014
ZHVI
|
YoY Change in
ZHVI
|
YoY Change in
Inventory
|
November 2014
ZRI
|
United
States
|
$27.5
trillion
|
6.7%
|
$177,600
|
6.0%
|
11.8%
|
$1,342
|
New York / Northern
New Jersey
|
$2.1
trillion
|
8.2%
|
$382,900
|
4.9%
|
15.7%
|
$2,329
|
Los Angeles,
CA
|
$2.3
trillion
|
5.2%
|
$532,200
|
6.5%
|
19.6%
|
$2,437
|
Chicago,
IL
|
$739
billion
|
5.7%
|
$188,800
|
5.8%
|
14.6%
|
$1,636
|
Dallas-Fort Worth,
TX
|
$356
billion
|
7.4%
|
$150,900
|
7.3%
|
-11.6%
|
$1,432
|
Philadelphia,
PA
|
$573
billion
|
5.4%
|
$203,600
|
5.0%
|
5.7%
|
$1,544
|
Houston,
TX
|
$353
billion
|
11.5%
|
$151,800
|
11.9%
|
-13.5%
|
$1,485
|
Washington,
DC
|
$944
billion
|
4.1%
|
$361,500
|
4.6%
|
35.4%
|
$2,108
|
Miami-Fort
Lauderdale, FL
|
$717
billion
|
9.3%
|
$208,000
|
13.6%
|
23.8%
|
$1,778
|
Atlanta,
GA
|
$373
billion
|
10.5%
|
$154,000
|
12.8%
|
13.3%
|
$1,221
|
Boston, MA
|
$599
billion
|
4.9%
|
$364,900
|
4.5%
|
8.2%
|
$2,137
|
San Francisco,
CA
|
$1.1
trillion
|
8.5%
|
$697,500
|
7.6%
|
1.8%
|
$3,011
|
Detroit,
MI
|
$264
billion
|
7.3%
|
$114,800
|
10.4%
|
18.1%
|
$1,078
|
Riverside,
CA
|
$402
billion
|
8.2%
|
$281,000
|
10.2%
|
42.6%
|
$1,653
|
Phoenix,
AZ
|
$396
billion
|
0.8%
|
$198,500
|
3.1%
|
9.6%
|
$1,224
|
Seattle,
WA
|
$465
billion
|
6.0%
|
$336,400
|
6.3%
|
9.1%
|
$1,827
|
Minneapolis-St Paul,
MN
|
$293
billion
|
3.3%
|
$208,600
|
4.4%
|
26.7%
|
$1,506
|
San Diego,
CA
|
$538
billion
|
4.6%
|
$465,000
|
4.5%
|
33.2%
|
$2,265
|
St. Louis,
MO
|
$171
billion
|
2.2%
|
$129,800
|
2.1%
|
5.5%
|
$1,129
|
Tampa, FL
|
$216
billion
|
7.4%
|
$146,800
|
10.2%
|
10.6%
|
$1,260
|
Baltimore,
MD
|
$277
billion
|
2.4%
|
$242,100
|
2.1%
|
26.6%
|
$1,714
|
Denver, CO
|
$302
billion
|
9.5%
|
$274,200
|
11.0%
|
-29.7%
|
$1,801
|
Pittsburgh,
PA
|
$139
billion
|
6.5%
|
$125,400
|
6.4%
|
-1.0%
|
$1,128
|
Portland,
OR
|
$231
billion
|
5.4%
|
$276,100
|
5.5%
|
4.8%
|
$1,566
|
Sacramento,
CA
|
$252
billion
|
5.0%
|
$328,600
|
7.1%
|
37.4%
|
$1,615
|
San Antonio,
TX
|
$107
billion
|
4.6%
|
$144,500
|
5.3%
|
0.0%
|
$1,288
|
Orlando,
FL
|
$165
billion
|
7.7%
|
$169,500
|
11.9%
|
40.2%
|
$1,309
|
Cincinnati,
OH
|
$121
billion
|
5.2%
|
$137,300
|
5.2%
|
0.9%
|
$1,189
|
Cleveland,
OH
|
$110
billion
|
3.5%
|
$121,300
|
3.6%
|
3.8%
|
$1,157
|
Kansas City,
MO
|
$120
billion
|
5.8%
|
$137,400
|
5.6%
|
-1.7%
|
$1,192
|
Las Vegas,
NV
|
$158
billion
|
8.8%
|
$184,700
|
11.5%
|
29.9%
|
$1,193
|
San Jose,
CA
|
$544
billion
|
10.2%
|
$824,500
|
9.3%
|
-12.3%
|
$3,184
|
Columbus,
OH
|
$116
billion
|
5.2%
|
$144,600
|
5.8%
|
-14.5%
|
$1,265
|
Charlotte,
NC
|
$140
billion
|
4.9%
|
$157,100
|
5.6%
|
-13.2%
|
$1,223
|
Indianapolis,
IN
|
$100
billion
|
-2.6%
|
$127,900
|
-1.3%
|
2.5%
|
$1,195
|
Austin, TX
|
$144
billion
|
9.9%
|
$219,900
|
11.1%
|
-3.2%
|
$1,642
|
About Zillow:
Zillow, Inc. (NASDAQ: Z) operates the
largest home-related marketplaces on mobile and the Web, with a
complementary portfolio of brands and products that help people
find vital information about homes, and connect with the best local
professionals. In addition, Zillow operates an industry-leading
economics and analytics bureau led by Zillow's Chief Economist Dr.
Stan Humphries. Dr. Humphries and his team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Zillow also sponsors the
bi-annual Zillow Housing Confidence Index (ZHCI) which measures
consumer confidence in local housing markets, both currently and
over time. The Zillow, Inc. portfolio
includes Zillow.com®, Zillow Mobile, Zillow
Mortgages, Zillow Rentals, Zillow Digs®, Postlets®, Diverse
Solutions®, Mortech®, HotPads™, StreetEasy® and Retsly™. The
company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate, Postlets, Mortech, Diverse
Solutions, StreetEasy and Digs are registered trademarks
of Zillow, Inc. HotPads and Retsly are trademarks
of Zillow, Inc.
i Each week, a count of the number of single-family,
condominium and cooperative housing units listed for sale on Zillow
is taken. The median of these values within a month is calculated
as the monthly value. Because inventory can be seasonal, a
seasonally adjusted value is reported using a standard STL
procedure. This seasonally adjusted series is then smoothed using a
three-month rolling average. More information is available at
www.zillow.com/research.
ii The Zillow Real Estate Market Reports are a
monthly overview of the national and local real estate markets. The
reports are compiled by Zillow Real Estate Research. For more
information, visit www.zillow.com/research/. The data in Zillow's
Real Estate Market Reports are aggregated from public sources by a
number of data providers for 928 metropolitan and micropolitan
areas dating back to 1996. Mortgage and home loan data are
typically recorded in each county and publicly available through a
county recorder's office. All current monthly data at the national,
state, metro, city, ZIP code and neighborhood level can be accessed
at www.zillow.com/local-info/ and www.zillow.com/research/data.
iii The Zillow Home Value Index is the median
estimated home value 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. It is expressed in dollars, and seasonally adjusted.
iv The Zillow Home Value Forecast uses data from past
home value trends and current market conditions, including leading
indicators like home sales, months of housing inventory supply and
unemployment, to predict home values over the next 12 months for
the nation and for more than 250 markets across the country.
v The Zillow Rent Index is the median Rent Zestimate®
(estimated monthly rental price) for a given geographic area on a
given day, and includes the value of all single-family residences,
condominiums, cooperatives and apartments in Zillow's database,
regardless of whether they are currently listed for rent. It is
expressed in dollars.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/us-home-values-gain-17-trillion-in-value-in-2014-ending-year-of-steady-market-improvement-300012329.html
SOURCE Zillow, Inc.