SEATTLE, April 23, 2019 /PRNewswire/ -- Despite an
increase in the total pool of for-sale inventory, the number of new
listings on the housing market has fallen year-over-year in each of
the past four months, according to the March Zillow® Real Estate
Market Reporti.
Overall inventory in the U.S. is 1.2% higher than in
March 2018, but new listings fell
6.1% over the same period. And homes are staying on the market for
longer – the median time on market increased four days in February
from a year prior, the first such increase in four years and the
largest since 2011. These trends indicate that the inventory growth
is driven largely by cooling demand, not more home sellers.
"There is a narrative that inventory is growing, which favors
buyers. But the how and why is important," said Zillow Director of
Economic Research Skylar Olsen.
"There may be more homes available for sale over the course of the
month, but that's because more leftovers from previous months are
sticking around. In truth, fewer homeowners are putting their homes
on the market and buyer demand is falling back. Buyers won't have
as much competition this shopping season and can take more time
finding the perfect match, if it's out there."
The share of listings with a price cut is higher than this time
a year ago in 33 of the nation's 35 largest housing markets. Price
cuts are more prevalent in the most-expensive third of homes for
sale, as 16.2% of top-tier homes have a price cut compared to 11.8%
of bottom-tier homes.
National home values grew 6.6% year-over-year, and the median
home is now worth $226,700. The rate
of appreciation has slowed each month since peaking at 8% growth in
December 2018.
Home values in San Jose,
Calif., the most expensive of the 35 largest housing markets
in the country, fell 0.2% from this time last year. This is the
first time in four years that home values have depreciated on a
year-over-year basis in any of the top 35 markets, and the first
drop in San Jose in seven
years.
Rent prices rose for the fifth straight month, up 2.5% on an
annual basis. The median U.S. rent is $1,474. Rents grew fastest in Southwest markets
Las Vegas (up 7.6%) and
Phoenix (up 6.7%).
Mortgage rates listed on Zillow dropped sharply in March. Rates
fell as low as 3.85% before ending the month at 4%, down twenty
basis points from March 1. Zillow's
real-time mortgage rates are based on thousands of custom mortgage
quotes submitted daily to anonymous borrowers on the Zillow
Mortgages site and reflect the most recent changes in the
market.
Metropolitan
Area
|
Zillow Home
Value Index,
March 2019
|
ZHVI
Quarter-
Over-
Quarter
Change
|
ZHVI Year-
over-Year
Change
|
Zillow Rent
Index,
March
2019
|
ZRI
Year-
over-
Year
Change
|
Inventory
Year-over-
Year
Change
|
United
States
|
$226,700
|
1.0%
|
6.6%
|
$1,474
|
2.5%
|
1.2%
|
New York,
NY
|
$442,000
|
1.1%
|
4.5%
|
$2,419
|
1.5%
|
4.8%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$652,200
|
-0.3%
|
2.0%
|
$2,836
|
3.4%
|
24.9%
|
Chicago,
IL
|
$226,200
|
0.9%
|
3.3%
|
$1,691
|
3.2%
|
2.5%
|
Dallas-Fort Worth,
TX
|
$245,100
|
1.8%
|
8.9%
|
$1,643
|
2.9%
|
15.6%
|
Philadelphia,
PA
|
$234,200
|
0.9%
|
3.6%
|
$1,608
|
2.6%
|
-7.8%
|
Houston,
TX
|
$206,600
|
1.0%
|
5.7%
|
$1,584
|
2.3%
|
7.3%
|
Washington,
DC
|
$408,300
|
0.8%
|
2.7%
|
$2,173
|
1.9%
|
-28.5%
|
Miami-Fort
Lauderdale, FL
|
$284,900
|
0.7%
|
6.1%
|
$1,923
|
3.1%
|
6.8%
|
Atlanta,
GA
|
$220,000
|
1.5%
|
10.7%
|
$1,447
|
4.0%
|
13.8%
|
Boston, MA
|
$468,100
|
1.0%
|
4.7%
|
$2,395
|
2.1%
|
17.8%
|
San Francisco,
CA
|
$949,500
|
-1.2%
|
2.0%
|
$3,450
|
1.6%
|
24.5%
|
Detroit,
MI
|
$162,200
|
1.6%
|
7.8%
|
$1,226
|
2.3%
|
15.1%
|
Riverside,
CA
|
$369,200
|
1.1%
|
4.9%
|
$1,988
|
5.8%
|
10.7%
|
Phoenix,
AZ
|
$266,500
|
1.1%
|
6.6%
|
$1,446
|
6.7%
|
1.1%
|
Seattle,
WA
|
$491,800
|
0.3%
|
2.6%
|
$2,233
|
2.2%
|
32.1%
|
Minneapolis-St Paul,
MN
|
$270,300
|
1.2%
|
5.6%
|
$1,700
|
4.2%
|
-5.1%
|
San Diego,
CA
|
$590,100
|
-0.6%
|
1.3%
|
$2,647
|
4.3%
|
20.4%
|
St. Louis,
MO
|
$167,100
|
0.4%
|
5.0%
|
$1,158
|
1.8%
|
-8.1%
|
Tampa, FL
|
$214,300
|
0.8%
|
6.8%
|
$1,442
|
5.0%
|
8.5%
|
Baltimore,
MD
|
$269,100
|
0.6%
|
2.8%
|
$1,753
|
1.0%
|
-15.5%
|
Denver, CO
|
$408,000
|
0.6%
|
3.7%
|
$2,108
|
3.2%
|
17.5%
|
Pittsburgh,
PA
|
$144,400
|
0.2%
|
4.4%
|
$1,102
|
4.0%
|
-9.8%
|
Portland,
OR
|
$397,900
|
0.5%
|
3.4%
|
$1,870
|
1.6%
|
11.6%
|
Charlotte,
NC
|
$208,600
|
1.7%
|
9.4%
|
$1,342
|
3.9%
|
4.7%
|
Sacramento,
CA
|
$412,100
|
0.9%
|
4.1%
|
$1,915
|
4.0%
|
3.2%
|
San Antonio,
TX
|
$194,500
|
1.4%
|
6.3%
|
$1,368
|
2.3%
|
15.1%
|
Orlando,
FL
|
$238,600
|
1.4%
|
8.0%
|
$1,531
|
6.5%
|
8.2%
|
Cincinnati,
OH
|
$170,900
|
2.1%
|
8.7%
|
$1,305
|
2.4%
|
2.4%
|
Cleveland,
OH
|
$146,900
|
1.0%
|
6.1%
|
$1,165
|
2.1%
|
N/A
|
Kansas City,
MO
|
$193,600
|
1.5%
|
9.0%
|
$1,295
|
2.0%
|
-16.7%
|
Las Vegas,
NV
|
$280,600
|
0.5%
|
10.0%
|
$1,396
|
7.6%
|
3.9%
|
Columbus,
OH
|
$192,600
|
2.1%
|
8.0%
|
$1,363
|
3.5%
|
4.7%
|
Indianapolis,
IN
|
$167,000
|
2.5%
|
12.8%
|
$1,235
|
3.0%
|
N/A
|
San Jose,
CA
|
$1,209,700
|
-3.7%
|
-0.2%
|
$3,553
|
1.5%
|
44.9%
|
Austin, TX
|
$312,200
|
1.7%
|
6.4%
|
$1,704
|
1.7%
|
-1.0%
|
Zillow
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