Housing Market Rebalances

Zillow: Buyers Gaining Time, Options as Housing Market Rebalances

As per Zillow’s most recent market analysis, property values decreased marginally from June to July, following two years of unmatched increase.

The market is thus swiftly rebalancing, according to Skylar Olsen, chief economist at Zillow. Competition for homes is dwindling due to purchasers’ purchasing power being lowered by nearly two years of double-digit price rises and increased mortgage rates.

Zillow further reports that the average U.S. home value dropped by 0.1% ($366) month over month in July and is now $357,107. Since recently peaking at 1.9% in April, monthly growth in this statistic has slowed, declining to 1.2% in May and 0.8% in June. Although a slowdown in home price increase at this time of year is expected, this is the first monthly drop since 2012. The mean home value nationwide has increased by 16% over the past year and 44.5% since July 2019.

In 30 of the 50 largest metro areas, home values as assessed by raw ZHVI decreased from June to July.

Leave A Reply