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State of the U.S. Housing Market

State of the U.S. Housing MarketZillow’s second quarter Market Report, released today, show home values increased 2.4% from the first quarter of 2013 to the second quarter of 2013 to $161,100.  This quarter marks the largest annual gain since August 2006 and largest quarterly gain since the fourth quarter of 2005. On an annual basis, the Zillow Home Value Index (ZHVI) rose 5.8% from June 2012 levels.

Monthly appreciation remains strong with national home values growing by 0.9% from May. Not only did the pace of home value appreciation quicken in the second quarter, but the recovery also fully took hold nationwide. Markets in some areas of the Northeast, Midwest and Southeastern US, such as Atlanta, Chicago and St. Louis, that had previously been slow to turn the corner began to appreciate, which helped boost the overall national market. All of the top 30 largest metro areas covered experienced annual appreciation in home values as of the end of the second quarter, and all have hit their bottom.

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