Home values rose for the 48th consecutive month in July, but not enough to close the gap with the peak set in 2007, according to Zillow's Real Estate Market Reports.
Zillow said Thursday that home values rose 5.1% nationwide from a year ago to $187,300, per the Zillow Home Value Index. A similar group of cities — Portland, Dallas, Denver and Seattle — led the country in terms of year-over-year home value gains.
"In most areas, the market is being driven mainly by a strong labor market and tight supply, especially among entry-level homes that first-time buyers are after," Zillow chief economist Svenja Gudell said in a news release.
"But some markets — especially the red-hot Pacific Northwest — are adding more jobs and attracting more residents, putting the pressure on home values and rents."
Despite the yearly increase, home values still remain 4.7% below their peak in April 2007 at $196,000.
Rents are also going up across the country. The Zillow Rent Index recorded a 2% increase year-over-year to $1,408, representing the 47th straight month of appreciation.
