With home sales soaring, the news headlines regarding the housing market are much different now than they were a few years ago. If you’re a seller, you’re in luck. Buyers, on the other hand, have to look a little harder to find the right fit at the right price.
This home in The Willows gated community features a beautifully maintained three-bedroom, twobath, two-car garage with more than 2,200 square feet of living area. It has ceramic tile, wood laminate flooring and vaulted ceilings throughout. Other features include a large updated kitchen with a sizeable bar top, family room, living room and formal dining room.
BRIGHT AND SPACIOUS, THIS BEAUTIFULLY UPGRADED HOME IN THE Brooks has three bedrooms, three full baths, a den and an outdoor kitchen and a screened, heated pool overlooking the golf course. The master suite and one bedroom are on first floor, and the third bedroom with full bath and a loft occupy the second floor.
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.17 percent, down from 4.38 percent at this same time last week.
The 30-year fixed mortgage rates fell sharply Wednesday to 4.24 percent and remained relatively stable for the majority of the week before dropping to the current rate this morning. In just two weeks, 30-year fixed mortgage rates have dropped a total of 32 basis points.
“Rates plunged to levels not seen since mid-June after the Federal Reserve surprised many by announcing plans to wait for signs of stronger economic growth before scaling back its stimulus program,” said Erin Lantz, director of mortgages at Zillow. “Next week, we expect rates to remain fairly flat as markets continue to digest the Fed’s announcement and look for particularly strong or surprisingly weak economic data before making major changes.”
Additionally, the 15-year fixed mortgage rate this morning was 3.19 percent, and for 5/1 ARMs, the rate was 2.96 percent.
What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.
Home values continued their rapid rise in August, climbing 6.6 percent year-over-year to a Zillow Home Value Index of $162,100, the largest annual gain since July 2006. However, signs are emerging that the pace of home value appreciation is beginning to slow in the face of rising mortgage interest rates and increased supply.
National home values have risen or remained flat month-over-month for almost two years, but August marked the third consecutive month in which monthly home values rose more slowly than the month prior. After the pace of monthly home value appreciation peaked for the year at 0.9 percent in May, monthly home value growth slowed to 0.7 percent in June, 0.6 percent in July and 0.4 percent in August.
A majority (85 percent) of the 382 metros covered in August experienced annual home value appreciation. Among the 30 largest metro areas covered by Zillow, 20 saw annual appreciation of 10 percent or more. Metros with notable annual increases in August include Sacramento (34.1 percent), Las Vegas (30.6 percent) and Riverside, Calif. (29.7 percent).
For the 12-month period from August 2013 to August 2014, U.S. home values are expected to rise another 5.2 percent, to approximately $170,500, according to the Zillow Home Value Forecast, a slower pace than what the market is currently experiencing. Large metro areas expected to show the most appreciation over the next year include Riverside (21.9 percent), Sacramento (19.2 percent) and Los Angeles (13.2 percent).
“August marked the end of one of the hottest summer home shopping seasons in years, as home value appreciation rates continued their rocket ride upward – perhaps dangerously so in some metro areas,” said Zillow Chief Economist Stan Humphries. “Double-digit appreciation rates do help to lift homeowners out of negative equity and to entice sellers into a low-inventory environment, but this rapid growth is not normal and cannot and should not be expected to last. We are already beginning to see moderation in the monthly pace of home value appreciation, which will be good for the market overall and in the long term.”
National rents also rose in August compared with July, up 0.5 percent to a Zillow Rent Index of $1,293. Year-over-year, national rents were up 1.9 percent in August.
The number of completed foreclosures in August fell to 5.17 homes foreclosed out of every 10,000 homes nationwide, down from 5.27 homes in July. Foreclosure resales represented 8.28 percent of homes sold in the U.S. in August, down 0.3 percentage points from July and 3.1 percentage points from August 2012.
| Zillow Home Value Index (ZHVI) | Zillow Rent Index (ZRI) | |||||
| Metropolitan Areas | August 2013 ZHVI | Month-Month % Change | Year-Year % Change | August 2013 ZRI | Month-Month % Change | Year-Year % Change |
| United States | $162,100 | 0.40% | 6.60% | $1,293 | 0.50% | 1.90% |
| New York, NY | $351,800 | 0.60% | 3.30% | — | — | — |
| Los Angeles, CA | $483,200 | 1.70% | 22.80% | $2,318 | 0.40% | 1.60% |
| Chicago, IL | $169,700 | 1.20% | 4.90% | $1,541 | 0.40% | 0.80% |
| Philadelphia, PA | $189,600 | 0.00% | 2.50% | $1,503 | 0.10% | 0.70% |
| Washington, DC | $341,900 | 0.80% | 8.90% | $2,089 | 0.40% | 1.50% |
| Miami-Fort Lauderdale, FL | $170,200 | 1.50% | 15.20% | $1,659 | 0.60% | 4.00% |
| Atlanta, GA | $126,000 | 1.60% | 13.30% | $1,138 | 0.40% | 1.20% |
| Boston, MA | $341,200 | 1.20% | 10.10% | $1,997 | 0.10% | 3.50% |
| San Francisco, CA | $633,700 | 1.50% | 28.10% | $2,555 | 0.30% | 2.90% |
| Detroit, MI | $93,700 | 1.70% | 20.30% | $1,044 | 0.70% | 2.00% |
| Riverside, CA | $241,700 | 3.00% | 29.70% | $1,586 | 0.20% | 2.60% |
| Phoenix, AZ | $181,400 | 1.50% | 20.90% | $1,145 | 0.00% | -0.40% |
| Seattle, WA | $305,900 | 1.40% | 16.00% | $1,672 | 0.70% | 3.80% |
| Minneapolis-St Paul, MN | $197,100 | 2.00% | 16.30% | $1,463 | 0.40% | 1.50% |
| San Diego, CA | $436,000 | 1.80% | 23.70% | $2,149 | 0.20% | 2.50% |
| St. Louis, MO | $128,300 | -0.10% | 1.70% | $1,091 | 1.00% | -1.40% |
| Tampa, FL | $127,000 | 1.70% | 15.60% | $1,207 | 0.20% | 2.80% |
| Baltimore, MD | $230,000 | 0.30% | 6.00% | $1,683 | 0.40% | 0.20% |
| Denver, CO | $248,600 | 1.30% | 14.50% | $1,577 | 0.90% | 5.60% |
| Pittsburgh, PA | $112,900 | 0.80% | 4.60% | $1,005 | 1.20% | -2.00% |
| Portland, OR | $256,800 | 1.30% | 15.80% | $1,433 | 0.50% | 3.30% |
| Sacramento, CA | $279,600 | 2.00% | 34.10% | $1,466 | 0.30% | 0.30% |
| Orlando, FL | $143,000 | 1.80% | 17.50% | $1,246 | 0.30% | 3.80% |
| Cincinnati, OH | $127,700 | 0.70% | 4.00% | $1,122 | -0.90% | 7.30% |
| Cleveland, OH | $115,100 | 0.30% | 5.10% | $1,109 | 0.20% | 3.30% |
| Las Vegas, NV | $156,600 | 2.80% | 30.60% | $1,159 | 0.30% | 0.90% |
| San Jose, CA | $734,500 | 0.90% | 24.00% | $2,685 | 0.60% | 3.80% |
| Columbus, OH | $132,200 | 0.40% | 6.40% | $1,192 | 0.80% | 3.40% |
| Charlotte, NC | $139,100 | 0.30% | 2.90% | $1,144 | 0.00% | 0.30% |
| Indianapolis, IN | $137,500 | 0.80% | 10% | $1,155 | 0.20% | 1.10% |
