RISMedia
Home values have edged above their pre-downturn peak, with the current national median value, $198,000, 1 percent higher than in 2007, according to the April Zillow® Real Estate Market Reports. Values have risen 7.3 percent year-over-year, with values in Seattle, Wash., again topping the charts in April. Rents, at the same time, have risen 0.7 percent.
Is the housing market treading into unsustainable territory? Zillow Chief Economist Dr. Svenja Gudell shuts down the assumption.
“Now that the typical U.S. home is worth more than ever, people may be tempted to ask if we’re in another national housing bubble,” says Gudell. “We aren’t in a bubble, and won’t be entering one anytime soon.
“There are big differences between the market then and the market now,” Gudell says.
