The total value of all the homes in the Boston metro area rose to just under $600 billion in 2014, up $28 billion, or 4.9 percent, according to a new report from real estate portal Zillow. Boston home values appreciated less than those of the United States overall, where values rose 6.7 percent in 2014 to $27.5 trillion, the third consecutive overall increase, according to Zillow. Homes lost $6.1 trillion in value between December 2006 and December 2011.

The cumulative increase in U.S. home values is slightly smaller than 2013’s 8 percent increase, and that kind of gradual slowing is a sign of the times as the market heads for slower expected gains in 2015. Over the second half of 2014, inventory increased in many U.S. markets and, with more homes on the market, home value appreciation slowed, Zillow said.

Zillow’s November Real Estate Market Reports showed home values up 6 percent from November 2013 to a Zillow Home Value Index (ZHVI) of $177,600. There were 11.8 percent more homes for sale in November 2014 than a year prior, but inventory fell slightly in many major markets from October to November.

Among major markets, home values were up the most year-over-year in Miami (13.6 percent), Atlanta (12.8 percent), Houston (11.9 percent), Orlando (11.9 percent) and Las Vegas (11.5 percent). Boston ranked 25th among the country’s 35 largest metro tracked by Zillow for home price appreciation, with inventory increasing 8.2 percent over the year.

National rents were up in November from a year ago, up 3.4 percent to a Zillow Rent Index of $1,342. Median rents in the Boston area were $2,137, according to Zillow’s index.