RECORD GROWTH DRIVES HOME VALUES UP
Posted: June 29, 2021 by Beverley McCleery
Seemingly endless demand and low supply have driven record-breaking home value appreciation over the past year, Zillow’s® latest Market Report shows. April pushed the envelope even further: Annual home value growth for a typical U.S. home is 11.6%, the highest seen since 2005.
Today’s rapid rise in prices may recall that of the mid-2000s, stoking unfounded fears of another overheated market. Google searches for “housing bubble” reached their highest point in nearly three years in April. But unlike the run-up to the mortgage crisis, this market is built on strong fundamentals with long legs, said Zillow economist Jeff Tucker.