Seemingly endless demand and low supply have driven record-breaking home value appreciation over the past year, Zillow’s latest Market Report shows. April pushed the envelope even further: Annual home values for a typical U.S. home have grown 11.6%, the highest seen since 2005.
Key stats for the Phoenix metro region:
• The typical home is now worth $355,822, up 20.4% or $60,357 since last April.
• Typical rents are $1,559, up 13.4% year over year – which is equal to a $184 increase.
• Inventory is down 28.6% from last year
• Homes are staying on the market just 7 days before going under contract
• 33% of homes sold above list price in February (the most recent data available), compared to 12% that sold above list in Feb. 2020.
Meanwhile, rents are roaring back across the board, with a 1.5% monthly spike (larger than any in Zillow data going back through…