Zillow: Home Prices Down, Rents Up In August

Posted by Orb Staff on September 19, 2012 No Comments
Categories : Residential Mortgage

12422_oddhouse Zillow: Home Prices Down, Rents Up In August Home values fell for the first time in nine months in August, declining 0.1% month-over-month, according to new data from Seattle-based Zillow. However, home values increased on a year-over-year basis, up 1.7% from August 2011.

Zillow reports that U.S. rents in August rose 0.2% month-over-month and 5.9% year-over-year. Nationally, rents have increased in seven out of the past 12 months. Rents rose by double-digit percentages year-over-year in the Chicago (12.8%), Baltimore (12.4%) and Philadelphia (10.5%) metropolitan areas.

Foreclosures continued to decline in August, with six out of every 10,000 homes in the country being foreclosed. That was down from 6.4 out of every 10,000 homes in July.

‘Home values took a small hit in August, but this shouldn't be cause for alarm,’ says Zillow Chief Economist Stan Humphries. ‘The back half of the year is always softer than the front half, and this year is no exception. We've been encouraging folks to focus on the longer term trends and not monthly blips. Home values will rise a little and fall a little, month by month, in the near future, but we believe the overall trend will remain positive albeit still below normal rates of appreciation.’

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