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Home values still rose into November, marking more than a year of monthly price gains, while national rents fell flat, according to data from ""Zillow"":http://www.zillow.com/.
[IMAGE]On a monthly basis, home values inched up by 0.6 percent from October, with the Zillow Home Value Index at $156,200 for November. For 13 straight months now, prices have displayed monthly gains. Compared to November 2011, home values have increased by 5.2 percent, which is the biggest yearly gain since August 2006.
Zillow also tracked home values for the nation's 30 largest metros and found 25 saw price gains.
Sacramento led with a 1.8 percent monthly gain, and was followed by Detroit (1.5 percent). Las Vegas, San Francisco, Riverside, and Phoenix all tied with 1.4 percent increases.
Twenty-six of the 30 metros registered yearly gains. Not surprisingly, Phoenix led with a 23.2 percent increase. The metro was followed by San Jose (+13.4 percent), San Francisco (+12.1 percent), Las Vegas (+11 percent), and Denver (+10.8 percent).
The four metros to see yearly decreases were Chicago (-1.4 percent), Atlanta (-1.4 percent), Philadelphia (-0.4 percent), and New York (-0.3 percent).
Dr. Stan Humphries, Zillow's chief economist, says he expects to see the housing market recovery continue into 2013.
""Tight inventory, courtesy of negative equity, is running headlong into high demand driven by historic affordability and renewed consumer and investor interest. This is helping home values rise in a majority of metro areas nationwide,"" he explained.
As home values rose, national rents averaged a slight 0.1 percent month-over-month drop, falling to a value of $1,278 in November, according to the Zillow Rent Index. Over a one-year period, rents still increased by 4.5 percent.
Among the 30 largest metros surveyed, 21 saw rent values decline month-over-month, with the biggest decline seen in Portland (-0.7 percent), according to Zillow.
Year-over-year, 27 metros surveyed saw rent values increase. Metros where rents rose the most year-over-year were Chicago (+7.3 percent), Boston (+7.1 percent), Charlotte (+6.7 percent), Pittsburgh (+6.4 percent) and Baltimore (+6.3 percent).
Zillow also reported foreclosures were down, with 5.26 out of every 10,000 homes becoming lost to foreclosure in November. Foreclosure fell 1.2 percent from October and 2 percent from a year ago.
