The Recession Is Over, But That Hasn't Meant Prosperity for All

The Recession Is Over, But That Hasn't Meant Prosperity for All

Source: http://www.zillow.com MARKET TRENDS / STORY / BY JORDYN LEE 

U.S. home value growth has continued to level off, with homes appreciating 3.3 percent annually, according to Zillow’s August Real Estate Market Report. The recession is over, and 26 of the top 35 U.S. metros appreciated faster than the nation as a whole on an annual basis.

However, a few metros haven’t seen the same growth as the rest of the country. Baltimore home values have been declining over the past four months, to a Zillow Home Value Index (ZHVI) of $240,400. August 2015 data shows 48.1 percent of homes in Baltimore decreasing in value. Other metros with a high percentage of homes decreasing in value include Philadelphia and Washington, DC.

In contrast, 97.8 percent of homes in Denver are increasing in value and have been consistently rising since August 2011. Over the past year, Denver homes have appreciated by 16.3 percent; 13 percentage points more than the nation as a whole.

Here are the top metros with the highest percentage of homes decreasing and increasing in value.

Highest Percentage of Homes Decreasing in Value

1. Baltimore: 48.1 percent of homes in Baltimore are decreasing in value. The current ZHVI is $240,400, which has gone down 0.9 percent over the past year.
2. Philadelphia: In Philadelphia, 43.4 percent of homes are decreasing in value, and over the past year, the ZHVI has gone up by 0.3 percent. It now sits at $202,200.
3. Washington, DC: 41.2 percent of homes in Washington, DC are decreasing in value. Currently, the ZHVI is $358,000, down 0.3 percent from a year ago.
4. New York:  In New York, 38.6 percent of homes are decreasing in value. The ZHVI has gone up over the past year by 1.3 percent, and is now $384,100.
5. Virginia Beach: 37.3 percent of homes in Virginia Beach are decreasing in value. The ZHVI is $210,300, which has gone up 1.1 percent from a year ago.

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