Median home values across the U.S. rose 0.6 percent to $156,200 in November, according to the real estate research firm Zillow.
The latest tally marked the 13th consecutive month median home values have increased, Zillow said. Home values were up 5.2 percent compared with last November, the largest annual gain since August 2006, when home values rose 6 percent year-over-year. The last time home values stood at $156,200 was May 2004.
Of the nation's 30 largest metro areas covered by Zillow, 25 experienced monthly home value gains. Metro areas with the largest monthly gains in November included Sacramento, Calif. (1.8 percent), Detroit (1.5 percent), Las Vegas (1.4 percent), San Francisco (1.4 percent), Riverside, Calif. (1.4 percent) and Phoenix (1.4 percent).
What's more, 26 of the country's largest metros experienced year-over-year home value increases. Major markets where home values increased the most over the past year include Phoenix (23.2 percent), San Jose, Calif. (13.4 percent), San Francisco (12.1 percent), Las Vegas (11 percent) and Denver (10.8 percent). Chicago, Atlanta, Philadelphia and New York were the only metro areas in the top 30 where home values have declined year over year.
"The housing market recovery we've been experiencing throughout 2012 should continue on its own momentum into 2013," said Zillow's Chief Economist Stan Humphries. "Tight inventory, courtesy of negative equity, is running headlong into high demand driven by historic affordability and renewed consumer and investor interest. This is helping home values rise in a majority of metro areas nationwide. Looking forward, we expect this dynamic to continue, with the welcome result being more underwater borrowers released from negative equity as home values rise."
