Housing Market Back on “Very Sound Footing”

hamilton-zanze August 22, 2013

U.S. single-family home values appreciated 6% in July from a year earlier to $161,000. That growth is the highest annual home price increase since 2006 and the 14th consecutive month of year-over-year increases—more indication that the national real estate market is looking rosier. “After three straight months of annual home value appreciation above 5%, the U.S. housing market recovery has proven it is on very sound footing,” said Zillow Chief Economist Stan Humphries.

Zillow reported that 289 of the 393 metros (or 73.5%) posted price increases in July over the previous month and 303 (77.1%) registered an increase over the prior year. Over the next 12 months, home prices are expected to appreciate another 4.8% to $170,000, with the highest forecasted increases in Sacramento, Riverside, and San Francisco.