National home values posted their biggest monthly gain in six years from February to March, according to Zillow’s first quarter Real Estate Market Reports, which came out April 24.
And Zillow reports that nineteen of the 30 biggest metro housing markets in the nation have either hit bottom or will be the end of 2012, Zillow forecasts.
The Zillow Home Value Index (ZHVI) rose 0.5 percent from February to March, marking the largest monthly increase since May 2006 – before home values peaked.
Zillow reports that it expects some markets to experience substantial home value gains over the next 12 months.
“For people who have been waiting to time their home purchases close to the market bottom, it’s time to start shopping,” advises Stan Humphries, Zillow's chief economist.
While Zillow's experts don't expect to see national home values continue to climb at a rate of 0.5 percent per month, they say it's safe to assume they won’t fall much further in most markets. The Zillow Home Value Forecast predicts a national bottom in home values in the fourth quarter of this year.
Zillow reports that the Denver metro home value was $205,900 in the first quarter of 2012 and had increased 0.7 percent from February to March and 0.6 percent year-over-year. It projected that the Denver housing market hit its bottom in the fourth quarter of 2011 and its home values would increase 0.9 percent from March 2012 to March 2013.
Here’s a look at the Zillow Home Value Index for all 30 metro housing markets: