Home values continued trending upwards across the nation in May, according to Zillow’s most recent Real Estate Market Report, rising 5.4% on a year-over-year basis.
National home values rose 0.5% from April to May to $159,000, matching June 2004 levels.
Between May 2013 and May 2014, Zillow’s Home Value Forecast predicts a 4.1% appreciation across the nation to $165,448.
Looking at the 30 largest metro areas covered by Zillow, 29 experienced year-over-year home value increases in May, with St. Louis as the only exception. Half were up by double-digits, with the most growth seen on a yearly basis in Las Vegas (up 28%), Sacramento, Calif. (up 26.1%) and San Francisco (up 24.2%).
More than half (51%) of the 360 markets Zillow covers showed monthly home value appreciation in MAy 2013, while 72% saw annual appreciation.
National home values are still down 18.3% from their peak in May 2007, but are up 7.2% from the post-recession trough in October 2011.
Home value appreciation is expected to slow down, even though economist believe the housing recovery will stay strong.
