SEATTLE, July 22, 2019 /PRNewswire/ -- U.S. rent
values continued their growth streak, accelerating for the
ninth-straight month, according to the June Zillow® Real Estate
Market Reporti.
The median U.S. rent rose 3% on an annual basis to $1,483, with Las
Vegas (up 10%), Phoenix (up
8.4%) and Orlando (up 7.4%) seeing
the largest year-over-year growth. Rents are up YoY in 49 of the
nation's top 50 markets with Milwaukee as the only exception. Nationally,
rent growth has not been this strong since 2016 when pressure in
the rental market spurred record numbers of multi-family
permits.
The typical U.S. home is worth $227,700, up slightly from May after
month-over-month values dropped for the first time in seven years
this spring. That's a stronger confirmation that housing markets
are stabilizing as opposed to on the brink of an imminent downturn.
Annually, home values grew 5.2%, down from 7.6% a year earlier.
Salt Lake City (up 9.3% from
June 2018), Indianapolis (up 8.8%) and Charlotte (up 7.7%)
saw the strongest annual home value growth, as notable West Coast
markets flatlined, with Los
Angeles (up 0.9%), Seattle
(up 0.4%) and San Francisco (0%)
seeing minimal to no home value growth compared to last year.
San Jose, which last year saw a
nation-leading annual growth rate of 23.4%, was the only market to
see annual home values fall – by 8.2%.
"As much as record numbers of new apartments led many to believe
that rental markets might have become over saturated with new
supply, the reality is that demographics and general economic
health continue to keep the pressure on," said Zillow Director of
Economic Research Skylar Olsen.
"Yes, we saw rents fall in 2018, but that was driven by the
concentration of supply in urban areas and large buildings at
higher end price points competing against each other. What the
rental market still craves are affordable units spread across the
landscape. Show me a three-bedroom apartment in a small building
located near good schools and I'll show you an older millennial
with kids ready to move in."
Inventory fell 0.8% year-over-year in the U.S., the fourth
straight month of declines after inventory rose at the start of the
year. The most significant drop was in Kansas City, which saw 31.6% fewer homes for
sale than this time last year. Markets with the largest inventory
growth can be found out west, led by Las
Vegas (up 54.3%), San Jose
(up 37.2%), Salt Lake City (up
21.3%) and San Francisco (up
20.8%).
|
Metropolitan
Area
|
Zillow Home
Value Index,
June 2019
|
ZHVI
Month-
over-Month
Change
|
ZHVI Year-
over-Year
Change
|
Zillow
Rent
Index,
June 2019
|
ZRI Year-
over-Year
Change
|
Inventory
Year-over-
Year
Change
|
|
United
States
|
$227,700
|
0.1%
|
5.2%
|
$1,483
|
3.0%
|
-0.8%
|
|
New York,
NY
|
$443,000
|
-0.1%
|
3.6%
|
$2,407
|
1.3%
|
3.9%
|
|
Los Angeles-Long
Beach-Anaheim, CA
|
$649,600
|
-0.1%
|
0.9%
|
$2,836
|
3.1%
|
10.0%
|
|
Chicago,
IL
|
$224,900
|
-0.4%
|
2.0%
|
$1,713
|
4.6%
|
4.6%
|
|
Dallas-Fort Worth,
TX
|
$242,900
|
0.0%
|
5.6%
|
$1,661
|
4.1%
|
9.1%
|
|
Philadelphia,
PA
|
$233,000
|
-0.0%
|
2.4%
|
$1,614
|
3.0%
|
-9.8%
|
|
Houston,
TX
|
$205,700
|
0.1%
|
3.4%
|
$1,588
|
2.5%
|
3.2%
|
|
Washington,
DC
|
$407,200
|
-0.2%
|
2.0%
|
$2,185
|
2.5%
|
-16.7%
|
|
Miami-Fort
Lauderdale, FL
|
$282,700
|
-0.2%
|
3.2%
|
$1,938
|
4.2%
|
3.3%
|
|
Atlanta,
GA
|
$219,700
|
-0.1%
|
7.6%
|
$1,475
|
5.8%
|
7.7%
|
|
Boston, MA
|
$464,400
|
-0.2%
|
2.7%
|
$2,433
|
3.0%
|
10.9%
|
|
San Francisco,
CA
|
$942,800
|
-0.2%
|
0.0%
|
$3,466
|
2.0%
|
20.8%
|
|
Detroit,
MI
|
$163,100
|
0.2%
|
5.8%
|
$1,233
|
3.3%
|
13.8%
|
|
Riverside,
CA
|
$370,900
|
-0.1%
|
3.7%
|
$2,017
|
6.3%
|
-2.8%
|
|
Phoenix,
AZ
|
$267,200
|
0.0%
|
4.9%
|
$1,480
|
8.4%
|
-1.3%
|
|
Seattle,
WA
|
$489,400
|
-0.3%
|
0.4%
|
$2,259
|
3.8%
|
19.0%
|
|
Minneapolis-St Paul,
MN
|
$272,000
|
0.1%
|
4.8%
|
$1,711
|
4.5%
|
2.5%
|
|
San Diego,
CA
|
$590,000
|
-0.2%
|
1.0%
|
$2,673
|
5.2%
|
7.6%
|
|
St. Louis,
MO
|
$167,200
|
0.1%
|
3.5%
|
$1,169
|
2.6%
|
-16.7%
|
|
Tampa, FL
|
$215,500
|
0.2%
|
5.5%
|
$1,465
|
5.5%
|
4.2%
|
|
Baltimore,
MD
|
$267,500
|
-0.1%
|
1.1%
|
$1,748
|
0.5%
|
-8.1%
|
|
Denver, CO
|
$408,000
|
-0.2%
|
3.0%
|
$2,142
|
4.3%
|
20.4%
|
|
Pittsburgh,
PA
|
$143,600
|
0.3%
|
1.9%
|
$1,108
|
2.4%
|
-15.6%
|
|
Portland,
OR
|
$395,300
|
-0.3%
|
1.4%
|
$1,895
|
3.3%
|
0.5%
|
|
Charlotte,
NC
|
$209,800
|
0.2%
|
7.7%
|
$1,360
|
5.2%
|
3.9%
|
|
Sacramento,
CA
|
$411,000
|
-0.2%
|
3.1%
|
$1,936
|
5.1%
|
-3.1%
|
|
San Antonio,
TX
|
$194,900
|
0.3%
|
5.2%
|
$1,388
|
4.0%
|
17.0%
|
|
Orlando,
FL
|
$240,500
|
0.0%
|
6.4%
|
$1,554
|
7.4%
|
5.7%
|
|
Cincinnati,
OH
|
$170,400
|
-0.1%
|
6.4%
|
$1,309
|
2.7%
|
-8.4%
|
|
Cleveland,
OH
|
$146,500
|
0.2%
|
4.1%
|
$1,176
|
3.2%
|
-3.7%
|
|
Kansas City,
MO
|
$191,800
|
-0.1%
|
5.5%
|
$1,309
|
3.5%
|
-31.6%
|
|
Las Vegas,
NV
|
$278,700
|
-0.3%
|
6.1%
|
$1,435
|
10.0%
|
54.3%
|
|
Columbus,
OH
|
$193,200
|
0.2%
|
6.9%
|
$1,380
|
3.4%
|
-7.0%
|
|
Indianapolis,
IN
|
$166,700
|
0.1%
|
8.8%
|
$1,244
|
4.0%
|
-2.0%
|
|
San Jose,
CA
|
$1,160,800
|
-1.2%
|
-8.2%
|
$3,611
|
3.2%
|
37.2%
|
|
Austin, TX
|
$311,800
|
0.1%
|
5.0%
|
$1,737
|
3.3%
|
-7.0%
|
Zillow
Zillow® is transforming how people buy, sell,
rent and finance homes by creating seamless real estate
transactions for today's on-demand consumer. Zillow is the leading
real estate and rental marketplace dedicated to empowering
consumers with data, inspiration and knowledge around the place
they call home, and connecting them with great real estate
professionals.
In addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow Group's Chief Economist Dr.
Svenja Gudell. Dr. Gudell and her
team of economists, data analysts, applied scientists and engineers
produce extensive housing data and research covering more than 450
markets at Zillow Real Estate Research. Zillow also sponsors the
quarterly Zillow Home Price Expectations Survey, which asks more
than 100 leading economists, real estate experts and investment and
market strategists to predict the path of the Zillow Home Value
Index over the next five years. Launched in 2006, Zillow is owned
and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
|
_____________________________
|
|
i The
Zillow Real Estate Market Reports are a monthly overview of the
national and local real estate markets. The reports are compiled by
Zillow Real Estate Research. For more information, visit
www.zillow.com/research/. The data in Zillow's Real Estate Market
Reports are aggregated from public sources by a number of data
providers for 928 metropolitan and micropolitan areas dating back
to 1996. Mortgage and home loan data are typically recorded in each
county and publicly available through a county recorder's office.
All current monthly data at the national, state, metro, city, ZIP
code and neighborhood level can be accessed at
www.zillow.com/research/data.
|
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SOURCE Zillow