The median U.S. home was $12,500 more valuable in October of this year than in 2016.
The Zillow Home Value Index (ZHVI) rose 6.5 percent from last year, and this October marked the 15th consecutive month of home values increasing by at least 6 percent, double the approximate 3 percent annual rate of appreciation. Rental growth also grew in October, the Zillow Rent Index climbed 2.2 percent to $1,432 a month.
The rapid growth in value for lower-tier homes is partly a reflection of how few homes are available for sale, particularly at that end of the market. Of the 1.24 million homes for sale in October (seasonally adjusted), roughly 22.3 percent were valued in the bottom third, compared to 26.3 percent in the middle third and 51.4 percent in the top third.
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