The house sales market remains hot as the typical home value rose to $259,906 in September.
The month-over-month growth rate moved up 0.8%, the most significant jump since November 2005, according to the Zillow Real Estate Market Report. The quarterly growth of 2.2% was the largest increase since 2013 and the annual growth of 5.8% was the largest in nearly two years.
For the third consecutive month, home values have risen in every major US metro compared to the month prior. The median national list price rose 11.6% year-over-year as of the week ending Oct. 10.
With recent data showing double-digit annual growth in both list and sale prices, Zillow predicts seasonally adjusted home values to increase 2.9% more through the end of 2020 and rise 7% in the next year. Prior forecasts called for a 4.8% rise through next year.
“Home values are accelerating more quickly than any time