December 2016 - Getting Serious About Diversity

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TH E M R EP O RT | 57 O R I G I NAT I O N S E R V I C I N G A NA LY T I C S S E C O N DA R Y M A R K E T ANALYTICS Zillow Home Value Index* State Median Home Value California 472,100 Texas 160,200 New York 267,600 Florida 194,200 Illinois 164,100 Pennsylvania 155,500 Ohio 122,900 Michigan 126,800 Georgia 149,900 North Carolina 154,800 New Jersey 294,100 Virginia 236,700 Washington 308,000 Massachusetts 354,000 Indiana 117,000 Arizona 211,600 Tennessee 136,200 Missouri 136,900 Maryland 262,200 Wisconsin 159,500 Minnesota 195,900 Colorado 310,800 Alabama 122,300 South Carolina 139,500 Kentucky 131,300 Oregon 287,500 Oklahoma 114,000 Connecticut 241,400 Iowa 124,800 Mississippi 114,400 Arkansas 115,300 Kansas 121,600 Utah 233,200 Nevada 221,900 New Mexico 164,100 West Virginia 101,400 Nebraska 141,600 Idaho 178,500 Hawaii 571,500 Maine 138,200 New Hampshire 232,300 Rhode Island 241,400 Montana 194,100 Delaware 211,700 South Dakota 175,400 Alaska 266,900 North Dakota 202,100 Vermont 213,800 District of Columbia 518,700 Wyoming 194,600 * Median home values based on estimated sale price. Zillow Home Value Index Source: Zillow September Real Estate Market Report It's Not Just in the Eye of the Beholder Home values posted their fastest annual appreciation in more than two years. U.S. home values leapt up by 5.5 percent since last September, reflecting the fastest rise in appreciation in more than two years, according to Zillow. According to the company's most recent Real Estate Market Report, there were 6 percent fewer homes up for grabs than there were a year ago. This comes as a result of steady declines in housing inventory and increased demand in the housing market. Zillow found a median home value of $189,400. "Increasingly strong demand has been contributing to dwindling inventory stocks across the nation," Dr. Svenja Gudell, Chief Economist for Zillow, said. "Healthy de - mand for for-sale homes amidst low inventory has been driving the market." This is "another sign that the housing market is recovering nicely," Gudell added. According to Zillow, bidding wars are also on the rise as homebuyers scramble to lock down competitive home purchases. "Buyers in the nation's fastest moving markets can expect the search process to last a few months, as market conditions are often extremely competitive with homes selling for above asking price and receiving multiple offers," Gudell said. "It's defi - nitely a seller's market right now, with some homes being more expensive than ever." AROUND THE U.S.

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