SEATTLE, Aug. 16, 2019 /PRNewswire/ -- U.S. home
value growth continues to slow, according to the July Zillow® Real
Estate Market Reporti. The rate of annual home value
appreciation decreased for the seventh straight month in July.
The typical U.S. home is worth $229,000, up 5.2% from a year ago – this is the
smallest annual appreciation since October
2015. Last year at this time, home values rose 7.7%
year-over-year. Still, home values are up 0.3% month-over-month, an
indication that values are stabilizing after a period of relatively
extreme growth rather than headed for a sustained downturn.
Among the 50 largest U.S. markets, home values have grown the
most in Salt Lake City (up 9.4%
since July 2018), Indianapolis (up 8.1%) and Charlotte (up
7.3%), although growth is slowing in each of these metros. Only
New Orleans, Birmingham and
Oklahoma City saw home values
appreciate at a greater rate than a year ago.
Home values have fallen year-over-year in California's San
Francisco Bay Area, home to the two most expensive markets
in the country. The value of the typical home fell 10.5% in
San Jose and 1.1% in San Francisco. A year ago, home values were
growing 24% annually in San Jose,
a 34.5 percentage point difference.
"As talk builds of a potential recession in the next year or
two, housing remains fairly stalwart," said Zillow Director of
Economic Research Skylar Olsen. "The slowing appreciation is
ultimately a good sign that the market is adjusting in response to
the growing unaffordability of down payments, while low mortgage
rates are keeping those with the required savings interested
despite softer growth out the gate. The uptick in the rate of homes
coming onto the market – a good and true increase in supply –
should be a boon to those inventory-starved home buyers still
searching near the close of home shopping season. While buyers are
catching a break, renters have seen prices continue their steady
upward climb, presenting yet another obstacle in the quest to save
for that down payment."
The median U.S. rent rose 1.9% year-over-year to $1,592ii. For the eighth consecutive
month, rents rose the most in Phoenix (up 6.1% from a year ago), followed by
Las Vegas (up 5.9%). Rents fell in
only three of the 50 largest markets – Houston, Buffalo and Baltimore.
Inventory grew 1.3% annually, reversing four straight months of
declines. There are 19,978 more homes for sale than this time last
year. New listings drove the inventory growth in July, up 5.7% from
a year ago.
Mortgage rates listed on Zillow fell lower in July. Rates ended
the month at 3.72%, down 23 basis points from July 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, July 2019
|
ZHVI
Year-over-Year Change, July 2019
|
ZHVI
Year-over-Year Change, July 2018
|
Zillow Rent Index,
July 2019
|
ZRI Year-over-Year
Change, July 2019
|
Inventory
Year-over-Year Change, July 2019
|
United
States
|
$229,000
|
5.2%
|
7.7%
|
$1,592
|
1.9%
|
1.3%
|
New York,
NY
|
$442,800
|
3.2%
|
5.5%
|
$2,279
|
2.3%
|
4.8%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$650,600
|
0.9%
|
6.3%
|
$2,599
|
1.3%
|
11.3%
|
Chicago,
IL
|
$225,200
|
2.1%
|
5.3%
|
$1,615
|
1.3%
|
6.9%
|
Dallas-Fort Worth,
TX
|
$243,500
|
5.1%
|
11.8%
|
$1,439
|
1.5%
|
12.3%
|
Philadelphia,
PA
|
$233,300
|
2.1%
|
5.3%
|
$1,497
|
2.5%
|
-4.8%
|
Houston,
TX
|
$206,400
|
3.4%
|
6.1%
|
$1,378
|
-0.5%
|
5.5%
|
Washington,
DC
|
$407,700
|
2.1%
|
3.8%
|
$1,971
|
2.0%
|
-8.8%
|
Miami-Fort
Lauderdale, FL
|
$284,300
|
3.2%
|
8.2%
|
$1,851
|
2.2%
|
3.8%
|
Atlanta,
GA
|
$220,300
|
6.9%
|
11.8%
|
$1,454
|
4.1%
|
8.3%
|
Boston, MA
|
$463,300
|
1.9%
|
6.2%
|
$2,416
|
2.2%
|
8.4%
|
San Francisco,
CA
|
$938,100
|
-1.1%
|
9.4%
|
$3,166
|
1.2%
|
21.5%
|
Detroit,
MI
|
$162,900
|
4.6%
|
9.4%
|
$1,211
|
2.3%
|
17.4%
|
Riverside,
CA
|
$371,500
|
3.3%
|
7.3%
|
$1,907
|
4.3%
|
-1.6%
|
Phoenix,
AZ
|
$267,500
|
4.5%
|
7.7%
|
$1,401
|
6.1%
|
-2.9%
|
Seattle,
WA
|
$489,500
|
0.5%
|
8.7%
|
$2,036
|
2.4%
|
14.3%
|
Minneapolis-St Paul,
MN
|
$272,000
|
4.3%
|
6.6%
|
$1,494
|
0.6%
|
4.9%
|
San Diego,
CA
|
$591,500
|
1.1%
|
6.1%
|
$2,519
|
3.1%
|
6.0%
|
St. Louis,
MO
|
$167,700
|
3.5%
|
5.5%
|
$1,009
|
1.3%
|
-15.0%
|
Tampa, FL
|
$216,400
|
5.0%
|
10.6%
|
$1,392
|
3.7%
|
2.8%
|
Baltimore,
MD
|
$267,100
|
0.7%
|
4.9%
|
$1,605
|
-0.1%
|
-4.0%
|
Denver, CO
|
$409,200
|
3.0%
|
6.7%
|
$1,781
|
1.5%
|
26.9%
|
Pittsburgh,
PA
|
$144,700
|
2.5%
|
7.3%
|
$1,102
|
1.8%
|
-15.0%
|
Portland,
OR
|
$396,700
|
1.5%
|
5.3%
|
$1,647
|
0.7%
|
3.1%
|
Charlotte,
NC
|
$210,600
|
7.3%
|
10.2%
|
$1,322
|
3.5%
|
6.2%
|
Sacramento,
CA
|
$411,300
|
2.7%
|
5.4%
|
$1,788
|
3.5%
|
0.8%
|
San Antonio,
TX
|
$195,600
|
5.0%
|
5.7%
|
$1,215
|
0.3%
|
17.9%
|
Orlando,
FL
|
$240,000
|
5.1%
|
9.4%
|
$1,414
|
3.5%
|
4.5%
|
Cincinnati,
OH
|
$170,400
|
5.4%
|
6.3%
|
$1,145
|
3.2%
|
-8.3%
|
Cleveland,
OH
|
$147,100
|
4.2%
|
6.6%
|
$1,071
|
4.1%
|
-1.3%
|
Kansas City,
MO
|
$191,900
|
4.7%
|
9.5%
|
$1,121
|
1.0%
|
N/A
|
Las Vegas,
NV
|
$279,100
|
5.1%
|
13.6%
|
$1,329
|
5.9%
|
53.5%
|
Columbus,
OH
|
$193,800
|
6.5%
|
7.9%
|
$1,183
|
0.6%
|
-3.3%
|
Indianapolis,
IN
|
$167,300
|
8.1%
|
9.6%
|
$1,100
|
1.0%
|
N/A
|
San Jose,
CA
|
$1,144,800
|
-10.5%
|
24.0%
|
$3,338
|
0.5%
|
32.6%
|
Austin, TX
|
$312,300
|
4.7%
|
6.2%
|
$1,586
|
2.1%
|
-4.9%
|
Virginia Beach,
VA
|
$229,800
|
1.5%
|
2.8%
|
$1,335
|
1.1%
|
-9.6%
|
Nashville,
TN
|
$255,700
|
4.0%
|
9.8%
|
$1,445
|
1.3%
|
14.6%
|
Providence,
RI
|
$295,100
|
3.4%
|
7.3%
|
$1,427
|
3.2%
|
-3.7%
|
Milwaukee,
WI
|
$232,500
|
4.5%
|
5.2%
|
$1,094
|
2.5%
|
15.3%
|
Jacksonville,
FL
|
$214,400
|
5.5%
|
10.5%
|
$1,348
|
3.9%
|
-2.1%
|
Memphis,
TN
|
$141,000
|
5.1%
|
8.3%
|
$1,047
|
4.2%
|
-10.6%
|
Oklahoma City,
OK
|
$148,400
|
4.0%
|
2.9%
|
$937
|
1.8%
|
-11.5%
|
Louisville-Jefferson
County, KY
|
$164,400
|
5.5%
|
5.7%
|
$1,087
|
1.4%
|
-1.2%
|
Hartford,
CT
|
$229,100
|
0.2%
|
2.5%
|
$1,334
|
1.1%
|
-4.4%
|
Richmond,
VA
|
$232,000
|
4.0%
|
5.3%
|
$1,323
|
1.3%
|
N/A
|
New Orleans,
LA
|
$176,000
|
2.7%
|
0.0%
|
$1,274
|
0.5%
|
0.4%
|
Buffalo,
NY
|
$161,400
|
4.4%
|
6.7%
|
$1,015
|
-0.3%
|
-1.2%
|
Raleigh,
NC
|
$269,100
|
5.2%
|
5.6%
|
$1,286
|
1.0%
|
0.6%
|
Birmingham,
AL
|
$148,700
|
6.9%
|
5.5%
|
$1,058
|
2.3%
|
-5.9%
|
Salt Lake City,
UT
|
$373,200
|
9.4%
|
11.3%
|
$1,494
|
1.7%
|
20.3%
|
About 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 and a trusted source for data,
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properties.
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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.
ii The Zillow Rent Index methodology has been revised as
of July 2019. Read the full
methodology here:
https://www.zillow.com/research/methodology-zillow-rent-index-2019-25172/
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SOURCE Zillow