Keeping Current Matters We create content and tools that help real estate agents position themselves as market experts and educate their clients so they can make the best decision for them and their family. An easy-to-read explanation about why housing values may take decades to recover. Over the last 12 months, home values increased 0.6 percent, and during the last five years, home values increased 21.6 percent. But if you are in an area where the age, size or features are varied, then it quickly becomes an apples to oranges situation.
Over the last 12 months, home values decreased 0.1 percent, and during the last five years, home values have increased 77.7 percent. Home values shot way up in markets like Tampa, Seattle and Dallas, and rental rates are rising fastest in Seattle, Portland and Sacramento.
In the first month of 2017 in Washington, we encountered two large economic benchmarks in the economy — record-setting stock levels and a local housing market that produced median home prices that reached record levels set in 2007 during the boom prior to the Great Recession.
Using an automated valuation model that incorporates a wide range of data available on individual homes, it estimates ongoing property values both for properties that are on the market and those that are not. Home values continued to climb throughout 2016, with many regions now surpassing or nearing their highs prior to the housing collapse.
The appreciation of land values underscores the importance of choosing between neighborhoods. The high point in Gallup’s trend was 70% in 2005, the first year it asked the question and shortly before U.S. home values hit their peak. The number of transactions in a geographic area affects how much we know about prevailing market values of homes in that area.