March 27th, 2013
A larger number of metropolitan markets experienced home value gains in February, demonstrating that market recovery is occurring nationally, rather than regionally.
Nationwide home values increased for the 16th consecutive month to a median of $158,000, while all 30 of the largest metro areas covered by Zillow saw monthly and annual appreciation, according to a report from the real estate information website.
U.S. home values rose 0.1 percent between January and February, and increased 5.8 percent on a year-over-year basis. Analysts project that home values may increase 3.2 percent to $163,000 between February 2013 to 2014.
"The housing market recovery has continued to gain momentum over the past several months and looks firmly entrenched as we enter the 2013 spring home shopping season," said Zillow chief economist Stan Humphries. "We expect that rising home values will continue to help cure many of the ills still facing the housing market, including high levels of negative equity."
Rising home values are listed as one of the top contributors to the beginning of a solid spring buying season, which has already experienced an unexpectedly high level of activity. As both buyers and sellers are participating more actively in the market, working with a mortgage service company to ensure potential sales are completed without any issues is advised.