Tuesday, August 21, 2012

Sacramento home values dip, rents rise in July, Zillow reports - Sacramento Bee

Sacramento metro-area home values declined 1.5 percent year over year in July, but monthly rents rose 5 percent in that time, according to Zillow.

The Seattle-based data company put the Sacramento region's median home value at $204,000 in July this year. The median monthly home rent at that time was $1,478.

Nationally, Zillow said rents rose 5.4 percent to a median of $1,278 from July 2011 to July 2012, and the median home value edged up 1.2 percent to $151,600.

Foreclosures continued to decline in July, with 5.7 out of every 10,000 homes in the nation being foreclosed, down from 6.5 June.

"This summer, the housing market continued to heal as home values experienced their eighth consecutive month of increases," said Stan Humphries, Zillow's chief economist. "Tight inventory levels are leading to bidding wars and multiple offers across the country."

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