SEATTLE—National home values continued their year-long climb as prices rose in October for the twelfth consecutive month, according to Zillow.
Compared to September, home prices increased by 1.1% across the country reaching a value index of $155,400. This is the largest monthly increase since August 2005, the Seattle-based firm said.
Annually, home values were up 4.7% from October 2011, which is the largest gain in nearly six years.
Meanwhile, rents remained basically flat month-over-month, falling a meager 0.1% to an index value of $1,279. However, over the last year, rents are up 5.4%, Zillow reported.
Of the 30 largest metro areas covered by Zillow, only Chicago experienced monthly home value declines. Major markets where home values increased the most since last year include Phoenix (up 22.3%), San Jose (11.4%), Denver (10.4%) San Francisco (9.5%) and Miami-Ft. Lauderdale (8.8%).