US home values are closing in on their 2007 peak

source
dibrova/Shutterstock

US home values are rising fast, and are now on the verge of hitting their 2007 peak, according to Zillow Group.

Home values rose 6.5% over the 12-month period to November, the fastest annual growth since August 2006. The median US home is now valued at $192,500, just 2% below the peak it reached in 2007.

Home rents rose 1.5% over the past year to $1,403 per month.

Zillow said strong consumer demand and a lower supply of homes contributed to this trend. This was especially the case in Seattle, Denver, Portland and Dallas, where the job market has strengthened.

The trend in home values in twelve major cities across the US is shown below.


1. New York, NY

source
dibrova/Shutterstock

Zillow Home Value Index: $400,500

Year-over-Year ZHVI Change: 6.0%

Zillow Rent Index (ZRI): $2,389

Year-over-Year ZRI Change: 0.5%

Year-over-Year Inventory Change: -10.4%

Source: Zillow Group


2. Washington, DC

source
Orhan Cam/Shutterstock

Zillow Home Value Index: $378,000

Year-over-Year ZHVI Change: 2.9%

Zillow Rent Index (ZRI): $2,123

Year-over-Year ZRI Change: 0.6%

Year-over-Year Inventory Change: -18.8%

Source: Zillow Group


3. San Francisco, CA

source
Reuters/Noah Berger

Zillow Home Value Index: $824,600

Year-over-Year ZHVI Change: 4.9%

Zillow Rent Index (ZRI): $3,385

Year-over-Year ZRI Change: 1.8%

Year-over-Year Inventory Change: -5.0%

Source: Zillow Group


4. San Jose, CA

source
Ben Loomis/Flickr

Zillow Home Value Index: $961,600

Year-over-Year ZHVI Change: 4.3%

Zillow Rent Index (ZRI): $3,486

Year-over-Year ZRI Change: 1.9%

Year-over-Year Inventory Change: -14.4%

Source: Zillow Group


5. Los Angeles-Long Beach-Anaheim, CA

source
View Apart/Shutterstock

Zillow Home Value Index: $590,000

Year-over-Year ZHVI Change: 6.3%

Zillow Rent Index (ZRI): $2,616

Year-over-Year ZRI Change: 5.2%

Year-over-Year Inventory Change: -7.1%

Source: Zillow Group


6. Boston, MA

source
Jeff Gunn/flickr

Zillow Home Value Index: $408,400

Year-over-Year ZHVI Change: 6.1%

Zillow Rent Index (ZRI): $2,322

Year-over-Year ZRI Change: 3.5%

Year-over-Year Inventory Change: -25.5%

Source: Zillow Group


7. Las Vegas, NV

source
Andrew Zarivny / Shutterstock

Zillow Home Value Index: $213,700

Year-over-Year ZHVI Change: 9.6%

Zillow Rent Index (ZRI): $1,243

Year-over-Year ZRI Change: 2.4%

Year-over-Year Inventory Change: 26.o%

Source: Zillow Group


8. Miami-Fort Lauderdale, FL

source
REUTERS/Carlo Allegri

Zillow Home Value Index: $245,200

Year-over-Year ZHVI Change: 8.8%

Zillow Rent Index (ZRI): $1,879

Year-over-Year ZRI Change: 3.1%

Year-over-Year Inventory Change: 11.8%

Source: Zillow Group


9. Chicago, IL

source
–Mike– via flickr

Zillow Home Value Index: $203,400

Year-over-Year ZHVI Change: 5.0%

Zillow Rent Index (ZRI): $1,637

Year-over-Year ZRI Change: -0.1%

Year-over-Year Inventory Change: -10.2%

Source: Zillow Group


10. Seattle, WA

source
Flickr/Always Shooting

Zillow Home Value Index: $412,600

Year-over-Year ZHVI Change: 12.2%

Zillow Rent Index (ZRI): $2,095

Year-over-Year ZRI Change: 8.8%

Year-over-Year Inventory Change: -6.5%

Source: Zillow Group


11. Houston, TX

source
Thomson Reuters

Zillow Home Value Index: $176,000

Year-over-Year ZHVI Change: 7.0%

Zillow Rent Index (ZRI): $1,562

Year-over-Year ZRI Change: -1.1%

Year-over-Year Inventory Change: 0.6%

Source: Zillow Group


12. Denver, CO

source
Nicholas Courtney/Shutterstock

Zillow Home Value Index: $352,800

Year-over-Year ZHVI Change: 9.7%

Zillow Rent Index (ZRI): $2,006

Year-over-Year ZRI Change: 2.8%

Year-over-Year Inventory Change: 4.0%

Source: Zillow Group


SEE ALSO: Here’s how a Fed rate hike will impact mortgage payments in 12 major US cities