US home values are closing in on their 2007 peak

US home values are rising fast, and are now on the verge of hitting their 2007 peak, according to Zillow Group.
Home values rose 6.5% over the 12-month period to November, the fastest annual growth since August 2006. The median US home is now valued at $192,500, just 2% below the peak it reached in 2007.
Home rents rose 1.5% over the past year to $1,403 per month.
Zillow said strong consumer demand and a lower supply of homes contributed to this trend