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Zillow's Real Estate Market Report found that the strong demand for housing in a market with tight supply propelled month-over-month and quarterly home value growth levels to reach numbers not seen since 2005.
According to the report, home value growth increase from 0.9% month-over-month to 1% from Sept. to Oct. which Zillow reports is the fastest rate of increase in 15 years. The report also stated that growth has only been higher on four occasions in the 24-year history of Zillow's Home Value Index.
"The red-hot housing market of this summer and fall is now clearly reflected in soaring home value appreciation," said Zillow senior economist Jeff Tucker. "We haven't seen such steep, short-term appreciation since the summer of 2005, but this time it is driven by buyers with strong credit and incomes securing affordable fixed-rate mortgages, unlike the wave of poorly-vetted, exotic mortgages that financed the last boom. The simple fact is that millions of well-qualified Millennials are seriously shopping for houses and they are competing for a shortfall of homes for sale."
Zillow reports that in September, quarterly growth for home values reached 2.3%, which was then the largest increase since the summer of 2013. All major metro areas saw home values hold strong, reporting no declines in home value.
Click here to learn more from ZIllow's Real Estate Market report.