Home values fall in the US for first time in seven years

The median value of a home in the United States fell by 0.1% in April month on month to $226,800, the first fall in seven years, the latest index report shows.  Year on year the median home value has grown 6.1%, the fourth straight month of slowing appreciation on an annual basis, according to the figures from real estate firm Zillow. However, rents are rising. The median US rent in April was $1,477, up 2.6% from this time last year. This is the sixth straight month that rent prices have grown. The decline in home values was led primarily by large West Coast markets and comes after 85 straight months of gains that brought home values to record highs. Property prices have experienced declines only twice over the past few decades: during the recession of the early 1990s and the recession and housing crisis in the late 2000s.