By Nora Tooher
Tallmadge home values are up almost 7 percent on a year-to-year basis, with the latest Zillow Value Home Index up to $138,100 at the end of August.
The index is Zillow’s median valuation for a specific geographic area, and includes single-family homes, condominiums and cooperatives.
Home values in several nearby communities also increased through the end of August. Home value appreciation in Munroe Falls climbed 2.8 percent from the same period a year ago to $129,200. In Silver Lake, home values shot up 12.4 percent on a year-to-year basis to $187,300. Stow home values climbed 5.9 percent from the year before to $144,400. And the index in Kent rose 6 percent on an annual basis to $114,300.
Home values declined 2.1 percent on year-to-year basis in Brimfield, however, to $97,200.
Nationwide, home values increased through August to $162,100, a 6.6 percent gain from the year before, and the largest increase since July 2006.
Eighty-five percent of the metros Zillow covers recorded annual home value appreciation in August. And 20 of the 30 largest metro areas covered by Zillow saw annual appreciation of 10 percent or more.
Nationwide, metros with large annual increases in August included Sacramento, Calif., 34.1 percent; Las Vegas, 30.6 percent and Riverside, Calif., 29.7 percent. But Zillow expects the double-digit home appreciation gains to slow as inventory shortages ease and mortgage rates rise.
Statewide, Ohio’s home value index of $107,200 at the end of August was up a healthy 6.1 percent from the same period a year earlier.
The Akron metro area saw a 6.4 percent year-over-year increase in home values to $112,400. Home value appreciation rose 5.1 percent in the Cleveland metro to $115,100, and home values climbed 4 percent in the Cincinnati metro area to $127,700.
Zillow expects U.S. home values to increase 5.2 percent from August 2013 through August 2014.