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Zillow’s Real Estate Market Report showed that home prices have jumped approximately 6% year-over-year. The Home Value Index increased to $163,000 by the end of last quarter, a 6.4% growth from 2012. Although home prices and mortgage rates have grown considerably since last year, economists suggest that the national housing market is beginning to slow down and stabilize. Zillow Chief Economist Dr. Stan Humphries said, “we’re relieved to see more noticeable signs of cooling in the market. If home values continued to rise as they have, relatively unchecked, we would almost certainly be headed into another bubble cycle, and nobody wants that.” More here#img1#
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