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Zillow’s Home Value Index climbed to $158,300 for April, an increase of 0.5 percent month-over-month and 5.2 percent year-over-year. April marked the sixth consecutive month in which home values appreciated more than 5 percent on a yearly basis.
According to Zillow, the last time national home values were at this level was in June 2004. However, this kind of growth will likely be short-lived, said Zillow chief economist Dr. Stan Humphries.
“April marks the sixth straight month of annual home value appreciation of 5 percent or above, the longest such streak since the height of the bubble in 2006. In the short-term, this has been welcome news for homeowners. But in the long-term, this cannot be sustained, and consumers entering the market today should not expect this kind of appreciation to last,” Humphries said.
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