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US home values are rising at their fastest pace in 12 years
[WASHINGTON] National home values have increased 8.7 per cent since last April to a median value of US$215,600, according to Zillow.
The pace of appreciation is the fastest since June 2006, when home values were rising nine percent annually.
San Jose home values appreciated 26 per cent year-over-year. Las Vegas, Seattle, Dallas-Fort Worth, San Francisco, Tampa, Atlanta, Charlotte and Orlando all saw double digit a growth.
"The spring home shopping season has been a perfect storm of strong demand and tight supply," said Zillow senior economist Aaron Terrazas. "Sluggish new construction has exacerbated the supply situation and homes that are hitting the market, are moving very quickly once they do. Americans are also in a spending mood, boosted by recent tax cuts and rising wages."
In 21 of the 35 largest housing markets, home values have surpassed levels reached during the height of the housing boom over a decade ago.