Zillow's April Real Estate Market report has national home values slipping 0.1% in April to $170,200, the first month-over-month decline since about the end of 2011. On a year-over-year basis, home values gained 5.3%. The company's current forecast calls for values to rise 2.2% in the year ending April 2015, about a third of 2013's appreciation.
Values fell in April even as inventory continues to tighten, with the number of homes listed for sale on Zillow slipping 0.4% annually last month, the 4th consecutive month of decline. Conditions are most "acute" at the lower end of the market which has become the sandbox of institutional players like Silver Bay (SBY -0.1%), American Homes 4 Rent (AMH +0.3%), American Residential Properties (ARPI +0.4%), and Starwood Waypoint (SWAY +0.5%).
Rents were up 2.3% on an annual basis in April.