www.zillow.com/research/

APRIL2018 Modesto Metro

National Home Values

Current: $215,600Monthly Change: 0.8%Quarterly Change: 2.7%Annual Change: 8.7%Negative Equity*: 9.1%

Modesto Home Values

Current: $304,500Monthly Change: 1.4%Quarterly Change: 3.2%Annual Change: 11.7%Negative Equity*: 6.3%

Home Values Forecast

(next 12 months)

National: 4.3%Modesto Metro: 7.5%

Major Cities - Home Values

ModestoCurrent: $289,800Monthly Change: 1.3%Annual Change: 12.7%

TurlockCurrent: $319,400Monthly Change: 1.2%Annual Change: 10.3%

CeresCurrent: $285,200Monthly Change: 1.5%Annual Change: 9.9%

OakdaleCurrent: $369,500Monthly Change: 1.5%Annual Change: 9.7%

PattersonCurrent: $346,300Monthly Change: 1.6%Annual Change: 14.5%

Esri, HERE, Garmin, © OpenStreetMap contributors, and the GIS user community

City ZHVI Year-over-Year5.1% 5.2% - 10.6% 10.7% - 11.6% 11.7% - 13.3% 13.4% - 15.1%

Home Values (ZHVI)Increasing Values: 97.3%Decreasing Values: 1.8%Fall From Peak: -18.2%Peak ZHVI Date: 2006-04Peak ZHVI: $372,100

RentZillow Rent Index: $1,436Monthly Change: 0.4%Annual Change: 4.1%

Rent List Price: $1,450Rent List/Sq. Ft.: $1

SalesMedian Sale Price: $–Monthly Change: –%Annual Change: –%

Sale Price/Sq. Ft.: $–Sale-to-list Price Ratio: –Sold for a Loss/Gain: –%/–%

ListingsMedian List Price: $330,000Monthly Change: –%Annual Change: –%

List Price/Sq. Ft.: $196Listings with Price Cut: 14%Amount of Price Cut: 2.5%

ForeclosuresHomes Foreclosed: –/10, 000Monthly Change: –Annual Change: –

Foreclosure Resales: –%Monthly Change: –ppAnnual Change: –pp

How do we track home values? Totrack home values, we use the ZillowHome Value Index (ZHVI). The ZHVI isthe mid-point of estimated home valuesfor the area. Half the estimated homevalues are above this number and halfare below.

* Negative equity data is from 2017Q4.

APRIL2018

*The top 20 largest cities and top 10 (or all) counties within the metro are listed. Additional counties, cities, neighborhoods and ZIP codes may be

available online at www.zillow.com/research/data by emailing press@zillow.com

Zillow Research:Zillow R© is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the placethey call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics andanalytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housingdata and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price ExpectationsSurvey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow HomeValue Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence inlocal housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), andheadquartered in Seattle.

www.zillow.com/research/

Largest Cities Covered by Zillow

Hom

eValues-ZHVI($)

ZHVIMoM

(%)

ZHVIQoQ

(%)

ZHVIYoY

(%)

ZHVIPeak($)

PeakMon

th

Change

from

Peak(%

)

Rents-ZRI($)

ZRIMoM

(%)

ZRIQoQ

(%)

ZRIYoY

(%)

ForecastZHVI($)

ForecastYoY

(%)

Hom

eValueBottom

NegativeEquity(%

)

Ceres 285,200 1.5 3.3 9.9 365,800 2006-05 -22.0 1,426 0.8 1 5.3 305,989.8 7.3 2011 Q4 6.9Denair 340,800 1.7 5.2 15.1 396,200 2006-04 -14.0 1,535 -0.1 -0.5 3.4 367,749.3 7.9 2011 Q4 3.8Hughson 354,900 1.5 3.1 11.5 417,600 2006-03 -15.0 1,572 -0.4 -0.9 4.2 380,285 7.2 2011 Q4 5.1Keyes 213,300 1.7 4.6 5.1 299,400 2006-07 -28.8 1,299 0.2 -0.2 4.5 227,721.9 6.8 2012 Q1 6.2Modesto 289,800 1.3 3.4 12.7 355,000 2006-04 -18.4 1,399 -0.1 -0.1 3.9 312,682.5 7.9 2011 Q4 6.8Newman 281,000 0.8 1.7 12.3 367,000 2006-05 -23.4 1,423 1.1 1.6 6.4 303,117.7 7.9 2012 Q1 6.6Oakdale 369,500 1.5 3.6 9.7 429,200 2006-04 -13.9 1,578 -0.5 -1.2 3.7 394,061.7 6.6 2011 Q4 4.1Patterson 346,300 1.6 3.7 14.5 466,000 2006-03 -25.7 1,672 0.1 1 2.6 374,207.6 8.1 2012 Q1 8.2Riverbank 325,000 0.9 2 10.6 389,200 2006-02 -16.5 1,463 0.4 0.5 4.2 349,848.1 7.6 2012 Q1 4.9Salida 330,300 1.3 3 13.3 401,900 2006-03 -17.8 1,573 0.4 1 4.4 355,986.3 7.8 2011 Q4 4.4Turlock 319,400 1.2 2.9 10.3 380,300 2006-03 -16.0 1,499 -0.1 -0.7 4.1 342,290.4 7.2 2011 Q4 6.3Waterford 264,600 1.5 3.7 11.6 326,100 2006-04 -18.9 1,389 0.4 0.8 7.1 284,016.7 7.3 2011 Q3 5.1

Largest Counties Covered by Zillow

Hom

eValues-ZHVI($)

ZHVIMoM

(%)

ZHVIQoQ

(%)

ZHVIYoY

(%)

ZHVIPeak($)

PeakMon

th

Change

from

Peak(%

)

Rents-ZRI($)

ZRIMoM

(%)

ZRIQoQ

(%)

ZRIYoY

(%)

ForecastZHVI($)

ForecastYoY

(%)

Hom

eValueBottom

NegativeEquity(%

)

Stanislaus 304,500 1.4 3.1 11.7 372,100 2006-04 -18.2 1,436 0.4 0.2 4.1 327,365.4 7.5 2012 Q1 6.3