Metro Boston home values rose 8.4 percent in July, Zillow says
A new survey shows that home values in the Boston metro area rose 8.4 percent in July on a year-to-year comparison basis, exceeding the national increase of 6 percent over the same period.
The survey is from Zillow Inc., a Seattle company that operates a large real estate website.
Home values in several local communities, including Arlington, Boston, Brookline, and Cambridge, have exceeded their prior peaks, Zillow said. In other words, homes in those areas are worth more than they have ever been.
In a statement included in the company’s press release, Zillow chief economist Stan Humphries commented on overall national trends.
“After three straight months of annual home value appreciation above 5 percent, the US housing market recovery has proven it is on very sound footing,” Humphries said. “We have entered a new phase in the recovery when we can begin to turn away from ugly recent history and turn toward what the housing market of the future will look like and how it will act.”Chris Reidy can be reached at firstname.lastname@example.org.