April home values nationwide increase to nine-year high

Home values rose more than 5 percent on a year-over-year basis last month.For the sixth straight month, national home values rose on an annual basis in April, a new report reveals.According to real estate information firm Zillow, when contrasted with the previous month, home values in 365 of the metropolitan statistical areas tracked increased by five basis points. And on a year-over-year basis, values elevated by 5 percent – the most significant jump since June 2004. Among specific MSAs, Sacramento, Las Vegas and San Francisco logged the largest growth, Zillow reports.Despite what may seem like an interminable trend of home appreciation, it can't last forever, noted Stan Humphries, Zillow's chief economist.”Overall, we expect home value appreciation to moderate as more supply comes on line over the next year,” said Humphries.He also suggested that prospective home owners may want to purchase a property now rather than later, as mortgage rates are expected to rise.In the month of April, Houston real estate home values were higher than the national median of $158,300. The median single-family home price in Houston last month was $184,900, approximately 14 percent above where it was at this time last year.?
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