The now 48 month-long streak saw prices rise 5% from last year to an average price of $187,300, according to the Zillow Home Value Index.
Still, home values remain 4.7% below their April 2007 peak of $196,600.
The largest home price increases were seen in the following areas:
- Portland, OR: +15% (median value $334,900)
- Dallas, TX: +11.9%
- Denver, CO: 11.3%
San Francisco, which has been the hottest real estate market in the country over the past few years, saw the pace of home price growth continue to slow. In January, the city’s prices were growing at a 12% year-over-year rate, but in July that pace fell to 6.6%.
Rents across the country also continued to climb in lockstep with purchase prices. The Zillow Rent Index posted its 47th consecutive monthly gain, with the average U.S. rental now costing $1,408 per month, up 2% from the same period last year.
The largest ETF focused on homebuilders, the ITB, was unchanged in premarket trading Thursday at $29.15 per share. ITB has risen 7.5% since the start of the year, putting it roughly in-line with the S&P 500 during the period.