Home values rose in November, up 0.6 percent from October, according to the latest Zillow Real Estate Market Reports. Home values were also up annually, increasing 7.1 percent from November 2012, reflecting a continued slowdown from the summer selling season, when annual home value appreciation peaked at 7.3 percent.
A majority (77.1 percent) of the metros covered in the reports experienced home value appreciation between October and November, with only 95 of the 485 metro areas, or 19.6 percent, experiencing declines. On an annual basis, 88 percent of metros experienced home value appreciation.
Major markets that saw home values edge upward from October to November include the Atlanta, Riverside, Miami and Detroit metros with 1.7 percent appreciation, as well as Tampa and Las Vegas with 1.6 percent appreciation rates.
“The pace of home value appreciation has leveled off and is beginning to slow down after peaking this summer. Much of this year’s rapid growth in home values can be attributed to very strong demand, as low mortgage interest rates, relatively low home prices and a slowly improving economy helped draw buyers into the market,” said Zillow Chief Economist Dr. Stan Humphries. “Those dynamics are now giving way to more moderating influences, including rising mortgage interest rates, flagging investor demand and slowly increasing for-sale inventory. This slowdown in home value appreciation will contribute to a more balanced market and will help to ease some emerging affordability problems in a handful of very hot markets, particularly in California.”
On the rental side, U.S. rents continue to rise, climbing 0.3 percent month-over-month and 2 percent annually. For more information on November’s report, head to the Zillow Research page.
What are home values and rents doing where you live? Dive into Zillow’s data, available all the way down to ZIP code and neighborhood levels, here.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.