Home Values in San Jose Jump 12.3 Percent, Median Price Sits Above $1 Million: Report

Home values are once again on a arise opposite a country, and San Jose is heading a way, according to a news expelled on Wednesday.

Compared to other cities opposite a nation, San Jose witnessed a top burst — 12.3 percent — in home values over a past 12 months, according to Zillow. That 12.3 percent boost translates to a $118,200 swell in home values opposite a South Bay city.

On a inhabitant scale, a median value of a home is $12,500 some-more than final year, Zillow reported. The national median value sits during $203,400, though in San Jose, a median value has soared to $1,076,400.

The singular series of accessible homes and altogether direct is causing home prices to continue to climb, according to Zillow. Across a nation, there are 11.7 percent fewer homes adult for grabs, and in San Jose, there are 60.4 percent fewer homes on a marketplace compared to Oct 2016.

As for rent, prices remained about a same in San Jose, according to Zillow. Rents increasing by a small 0.1 percent to an normal cost of $3,488.

Rent prices national rose 2.2 percent from final Oct to this past October, imprinting a six-straight month of lease cost appreciation opposite a country, Zillow reported.

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