Year-over-year home values have increased by 6-percent for the first time since 2006, according to the July Zillow Real Estate Market Report.
Monthly home values have now increased the past 14 months and have risen in 20 of the past 21 months, beginning in November 2011 after the U.S. market hit rock bottom in October 2011.
All 30 of the largest metro areas covered by Zillow registered both monthly and annual appreciation in July, and according to the Zillow Home Value Forecast, “all have hit their bottom and are expected to show appreciation in the next 12 months.”
In Los Angeles, the Zillow Home Value Index for July 2013 was $475,600, marking a gain of 21.5-percent over a year ago. Metros with the largest annual gains in July included Sacramento (33.1-percent) and Las Vegas (30.8-percent).
For more on the latest Zillow report, click here.
Photo Above: 1027 21st St #1 | Santa Monica
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The Agency has released the Second Quarter 2013 Agency Report, which shows the robust momentum of the luxury market continues in Los Angeles. A record 920 prime single-family home closings took place in the second quarter, according to the report. This represents a return to peak levels reached in 2005, when 927 closings were reported.
Download the full report here.
