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Home values fell for the first time in nine months, declining 0.1 percent from July to August, according to the Zillow’s August Real Estate Market Reports, which were released today.

But that shouldn’t be too worrisome, said Zillow Chief Economist Dr. Stan Humphries.

“Home values took a small hit in August, but this shouldn’t be cause for alarm,” he said. “The back half of the year is always softer than the front half, and this year is no exception. We’ve been encouraging folks to focus on the longer term trends and not monthly blips. Home values will rise a little and fall a little, month by month, in the near future, but we believe the overall trend will remain positive albeit still below normal rates of appreciation.”

Major markets that saw home values edge downward from July to August after experiencing prior increases included the Chicago (-0.7 percent), New York (-0.3 percent) and Boston (-0.2 percent) metros. Home values continued to climb in the Phoenix (1.6 percent) and Miami-Ft. Lauderdale (1 percent) metros, although the rate of increase was smaller in August.

On the rental side, U.S. rents continue to rise, climbing 0.2 percent month-over-month and 5.9 percent annually. For more information on August’s report, head to the Zillow Research page.

What are home values and rents doing where you live? Dive into Zillow’s data, available all the way down to ZIP code and neighborhood levels, here.

Original Article