Home Values at or Near Pre-Precession Highs in 1000+ U.S. Cities
Declines in home values experienced during the recession have already been, or are close to being, erased in almost 20 percent of metro housing markets nationwide as values continue to rise. U.S. home values climbed 5.7 percent year-over-year in the first quarter, to a home value index of $169,800.
Home values nationwide rose 0.5 percent from the fourth quarter of 2013, the ninth straight quarter of increasing home values and U.S. home values are expected to rise another 3.3 percent through the first quarter of 2015.
Rents have also been marching steadily higher for several years. Nationally, rents rose 2.7 percent year-over-year in the first quarter and 0.9 percent compared to the fourth quarter of 2013 to a rent index of $1,315.
The inventory of homes listed for sale at the end of the first quarter fell by 0.5 percent year-over-year, after showing annual gains in each of the past six months and inventory fell month-over-month in each of the three months of the first quarter.
Interest rates are still at record lows, so if you’re considering buying, now is a perfect time to consider home ownership. If you’re selling, it’s truly a seller’s market. Either way, it’s a win-win!