Average home prices across the United States rose by a staggering 8.7% over the last year, smashing expectations and rising at the fastest rates in over 11 years, according to a real estate marketing report from Zillow.
The new data shows the US housing market is on track to go even higher, with the median home value across the country rising to over $215,000 in the nation’s hottest markets of San Jose, California, Las Vegas, and Seattle
“Home values have not appreciated this quickly since June 2006, right before the housing bubble bust, when they were appreciating 9 percent annually. U.S. home values are now higher than they have ever been, and home values in 21 of the 35 largest housing markets have surpassed peak value hit during the height of the housing boom over a decade ago,” writes the report.
“Home values are rising faster than we’ve seen in a very long time: The spring home shopping season has been a perfect storm of strong demand and tight supply,” said Zillow senior economist Aaron Terrazas.