The median value of US homes has increased to $198,000 according to data from Zillow.
The increase in April is 1% above the peak of 2007 ($196,600) and the year-over-year rise was 7.3% as tight inventory saw increased competition in many markets.
However, comparing current conditions to a decade ago, Zillow’s chief economist Dr Svenja Gudell dismissed the view that we are in a new housing bubble.
"We aren't in a bubble, and won't be entering one anytime soon. There are big differences between the market then and the market now: Then, loose credit, speculation and overbuilding were ingredients in a recipe for disaster. Now, healthy home buyer demand is being driven largely by a stable economy and demographic tailwinds, which is exactly what we would expect in a healthy market,” he said.
He added that the market fundamentals look healthy but supply is lagging demand, driving up prices. But, he said most markets are more affordable now than they were prior to the bust, even if mortgage rates rise.
Seattle, Dallas and Tampa reported the greatest home value growth over the past year. Home values in Seattle rose almost 12%, to a median home value of $432,300. Dallas and Tampa home values rose 11% year-over-year.
Meanwhile, the median nationwide monthly rent payment increased 0.7% over the past year to $1,412. Again, Seattle has shown a sharp rise – up 6% in the year.
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
According to Mark Stark, owner of Prudential Americana LLC (one of the largest Prudential franchisees in the country), the Las Vegas real estate market has made a full return to traditional sales. In February 2014, bank foreclosures and short sales combined only made up a meager 14% of total closed transactions. This i...
Debra Leatham, a star realtor with the #1 Tonnesen Team at Berkshire Hathaway HomeServices Nevada Properties reports that it was a pleasure to represent the seller on the sale of this home at 2228 Port Avenue, Las Vegas, NV 89106. This charming Las Vegas home is located at the end of a cul-de-sac in the quiet, all si...
My first ever real estate transaction was listing a piece of raw land an hour away from Henderson with no utilities or amenities. It was a floor call and although my sales manager told me to pass on it, another agent said if I wanted to accept it, he’d help me. It was in Cold Creek and I ended up gett...
For first-time home buyers, the challenge of coming up with a 20% mortgage down payment is often difficult enough to keep them out of the market. But the fact is, the 20% down payment is all but dead — and has been for quite some time, especially for first-time buyers. Most buyers make down payments lower than 2...
There is no better time to take a vacation than the summer. The children are out of school, the weather is warm, and the days stretch long in laid-back beauty.In preparation for your trip, you have placed a hold on the mail and stopped newspaper delivery, but is your house really secure from criminals looking to prey u...