CARY, N.C., Jan. 22, 2013 /PRNewswire/ -- Leading exterior building products manufacturer, Ply Gem®, opened its booth (C3819) at the 2013 NAHB International Builders' Show (IBS) today with a live presentation on the 2013 housing industry outlook by Dr. Svenja Gudell, Senior Economist with Zillow®, the leading real estate information marketplace. Home values are up and showing signs of improvement, according to the report produced by Zillow's industry-leading economics and analytics group. The report compiles housing data and econometric analysis on more than 360 markets.
"A sustainable housing recovery has taken hold, benefiting buyers and sellers alike, as well as professionals in the housing industry," said Dr. Gudell. "Metro areas are showing historically high affordability and home values are steadily increasing after prolonged decline. Though negative equity remains a problem, we think this year will continue to bolster confidence in the market's resurgence."
According to Zillow's most recent data, cumulative U.S. home value increased for the first time in over five years, gaining $1.3 trillion in 2012. After this encouraging 6 percent increase from 2011's $792 billion loss, Zillow is predicting that the cumulative U.S. home value will increase again in 2013.
Median home values also saw a steady increase in 2012, after losing 23 percent (peak to trough) of their total value since they peaked in May 2007, according to Zillow's report. Coming in at $156,200, average home values are now back to 2004 levels after hitting a low in 2011. Combined with predicted increases in cumulative home value, Zillow is optimistic that an average home value recovery can continue into 2013 and have an impact on the stubbornly high amount of underwater mortgages in the U.S.
The Zillow report presentation is the first of more than 15 informational courses that will be presented in Ply Gem's booth at IBS, January 22-24 in Las Vegas, as part the ProTalk Education Series by Ply Gem. Other courses will be presented by members of Ply Gem's internal product development team and outside industry experts. The series includes three National Association of Home Builders (NAHB) approved education sessions, which can count toward continuing education credits.
"We look forward to Zillow's report every month as a trustworthy source of housing information," said John Stephenson, senior vice president, marketing, Ply Gem. "We selected Zillow to kick off our ProTalk series to share this research with builders and remodelers to help them prepare for the year ahead. We have a full roster of courses lined up, and we hope attendees will come away with new insights on some of the latest and most innovative ideas and practices from experts in the industry to help grow their business."
For the full ProTalk Education Series by Ply Gem schedule, go to www.pgprotalk.com.
The full Zillow report will be available on January 22, 2013 at www.zillow.com/blog/research.
Zillow is a registered trademark of Zillow, Inc.
SOURCE Ply Gem