Home prices in the DC area and in a number of other major cities will rise 1-3 percent over the next 12 months, according to data released from real estate website Zillow.
A new report released Monday suggests that home values are at or near their peak in more than 1,000 U.S. cities, and will appreciate slightly over the next 12 months.
Other takeaways from the new report:
- Home values rose 5.7 percent nationwide during the first quarter of the year.
- Home values have now risen for 21 consecutive months.
Zillow’s chief economist, Stan Humphries, had the following to say about the market:
The lows of the housing recession are becoming an increasingly distant memory as home values reach new highs and homes become more expensive than ever in many areas. This is a remarkable milestone coming only two and a half years after the end of the worst housing recession since the Great Depression, and is a testament to just how robust this housing recovery has been. So far, this steady appreciation has not created affordability issues in the majority of places. But there are a handful of markets where affordability is again a challenge, even with mortgage interest rates incredibly low…As affordability worsens, more residents will be forced to search for affordable housing farther from urban job centers, and home values in some areas may have to come down.”
Nationally, according to a recent Zillow forecast, home values are expected to appreciate by 3.3 percent over the next year.
This article originally published at https://dc.urbanturf.com/articles/blog/zillow_dc_area_home_prices_to_rise_1-3_over_next_12_months/8394.
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