Record tight inventories are making it increasingly difficult for growing numbers of buyers, who are creating multiple-bid environments in markets that haven’t seen buyers battle over homes in six years.
U.S. home values continued to rise this spring, according to an analysis by online real estate marketplace Zillow. As of May, national home values are up (0.5 percent) for the third month in a row, settling at $148,100.Despite the spring season up-crawl – 0.5 percent in March, 0.8 percent in April – home values remain down (0.9 percent) on a yearly basis from last May when they stood at $149,445.
However, some hard-hit metros are seeing a sustained recovery in home values, including Phoenix and three Florida markets: Fort Myers (No. 2), Miami (No. 3) and Punta Gorda (No. 7). Fort Myers and Miami-Fort Lauderdale, Fla., saw 6.7 percent and 5.2 percent year-over-year home value increases, respectively, in May.
Familiar recovery front-runner Phoenix is living up to its name, topping the May list for its year-over-year home value increase of 9 percent to $133,400.
Denver captured the No. 10 spot in May with a 2.6 percent year-over-year home value increase to $209,000, the second highest home value of any metro in the top 10.
Honolulu (No. 9) has the by-far highest valuation in the top 10 at $489,000.
Tulsa, Okla. (No.4), and Oklahoma City (No. 6) are in the top 10, too as well.
Other metros in the top 10 are:
- Grand Rapids, Mich. (No. 5)
- Canton, Ohio (No. 8)