SEATTLE, Sept. 19, 2014 /PRNewswire/ -- U.S. home
values rose more slowly in August than they have in a year, and the
cooling market offered a clear view of local markets that favor
either buyers or sellers.
The nation's hottest markets, on the West Coast, continued to
favor sellers with quick sales and high asking prices. But some
still-recovering markets remained a bargain for buyers as more
homes went up for sale.
U.S. home values rose in August, up 0.1 percent from July and
6.6 percent from August 2013, to a
Zillow® Home Value Indexi of $175,600, according to the August Zillow Real
Estate Market Reportsii. The pace of home value
appreciation is expected to slow to 3.1 percent through
August 2015, according to the Zillow
Home Value Forecast.
According to the latest Zillow analysisiii of buyers'
and sellers' markets, sellers in the Bay Area, Seattle and Dallas have the most negotiating power, with
final sale prices largely at or above asking. For those looking to
buy a home, the Northeast and Midwest offer the most favorable
conditions, as buyers are less likely to be faced with the fierce
bidding wars seen across the West Coast and in larger cities across
the country.
In this analysis, a sellers' market is not necessarily one where
home values are rising, but rather one in which homes are on the
market for a shorter time, price cuts occur less frequently and
homes are sold at prices very close to (or greater than) their last
listing price. In buyers' markets, homes for sale stay on the
market longer, price cuts occur more frequently and homes are sold
for less relative to their listing price.
|
Top 10 Sellers'
Markets
|
Top 10
Buyers' Markets
|
|
1.
|
San Jose,
CA
|
1.
|
Providence,
RI
|
|
2.
|
San Francisco,
CA
|
2.
|
Cleveland,
OH
|
|
3.
|
Seattle,
WA
|
3.
|
Philadelphia,
PA
|
|
4.
|
Dallas-Fort Worth,
TX
|
4.
|
Milwaukee,
WI
|
|
5.
|
Denver, CO
|
5.
|
Chicago,
IL
|
|
6.
|
Riverside,
CA
|
6.
|
Pittsburgh,
PA
|
|
7.
|
Las Vegas,
NV
|
7.
|
Tampa, FL
|
|
8.
|
Los Angeles,
CA
|
8.
|
New York/Northern
NJ
|
|
9.
|
Nashville,
TN
|
9.
|
Cincinnati,
OH
|
|
10.
|
Sacramento,
CA
|
10.
|
Jacksonville,
FL
|
"Real estate has always been local, but as we continue to put
the housing recession further in the rearview mirror, the largely
uniform performance of local markets is also fading," said Zillow
Chief Economist Dr. Stan Humphries.
"We now have several different types of markets emerging, including
markets that are still muddling along the bottom; markets that shot
up immediately after the recession ended and are now cooling
quickly; and markets that are still very hot. Each of these
environments presents unique challenges and opportunities for
buyers and sellers, and what works in one area won't necessarily
work in another."
National home values have risen month-over-month for more than
two years, though the pace of monthly home value appreciation has
slowed as a result of increased for-sale inventoryiv
entering the market. The number of homes listed for sale on Zillow
in August was up 20.6 percent year-over-year and 2.1 percent
month-over-month.
National rents rose in August from July, up 0.7 percent to a
Zillow Rent Index (ZRI)v of $1,328. Year-over-year, national rents were up
3.3 percent in August.
|
Metropolitan
Area
|
August
2014
ZHVI
|
Year-Year
%
Change
in
ZHVI
|
August
2015
ZHVI
Forecast
|
August
2014
ZRI
|
Year-Year %
Change
in
ZRI
|
Year-Year
%
Change
in
For-Sale
Inventory
|
|
United
States
|
$175,600
|
6.6%
|
$180,970
|
$1,328
|
3.3%
|
20.6%
|
|
New York/Northern New
Jersey
|
$378,200
|
5.2%
|
$384,506
|
$2,430
|
2.2%
|
25.8%
|
|
Los Angeles,
CA
|
$532,600
|
9.9%
|
$562,665
|
$2,409
|
4.0%
|
31.2%
|
|
Chicago,
IL
|
$185,800
|
6.9%
|
$188,941
|
$1,645
|
6.1%
|
20.9%
|
|
Dallas-Fort Worth,
TX
|
$147,000
|
5.8%
|
$152,520
|
$1,407
|
4.5%
|
-5.2%
|
|
Philadelphia,
PA
|
$199,100
|
3.6%
|
$201,558
|
$1,551
|
3.0%
|
11.0%
|
|
Houston,
TX
|
$150,000
|
12.8%
|
$153,839
|
$1,463
|
6.0%
|
-15.7%
|
|
Washington,
DC
|
$358,000
|
6.1%
|
$359,878
|
$2,083
|
0.2%
|
59.5%
|
|
Miami-Fort
Lauderdale, FL
|
$203,800
|
16.6%
|
$211,700
|
$1,769
|
5.5%
|
38.8%
|
|
Atlanta,
GA
|
$150,700
|
15.5%
|
$161,641
|
$1,197
|
3.8%
|
25.6%
|
|
Boston, MA
|
$361,900
|
5.6%
|
$364,571
|
$2,116
|
6.2%
|
22.3%
|
|
San Francisco,
CA
|
$686,200
|
9.1%
|
$703,847
|
$2,920
|
14.9%
|
19.3%
|
|
Detroit,
MI
|
$113,900
|
15.4%
|
$121,077
|
$1,062
|
1.7%
|
30.3%
|
|
Riverside,
CA
|
$280,400
|
16.2%
|
$309,272
|
$1,637
|
3.5%
|
41.4%
|
|
Phoenix,
AZ
|
$195,100
|
2.6%
|
$204,812
|
$1,209
|
6.1%
|
29.1%
|
|
Seattle,
WA
|
$334,500
|
8.3%
|
$354,313
|
$1,792
|
7.0%
|
25.5%
|
|
Minneapolis-St Paul,
MN
|
$209,000
|
6.9%
|
$212,385
|
$1,515
|
3.3%
|
38.5%
|
|
San Diego,
CA
|
$471,400
|
9.2%
|
$497,389
|
$2,242
|
4.2%
|
39.7%
|
|
St. Louis,
MO
|
$130,000
|
2.4%
|
$134,131
|
$1,083
|
0.5%
|
15.2%
|
|
Tampa, FL
|
$143,400
|
11.5%
|
$148,306
|
$1,242
|
2.7%
|
20.5%
|
|
Baltimore,
MD
|
$240,300
|
2.4%
|
$242,936
|
$1,704
|
1.0%
|
38.6%
|
|
Denver, CO
|
$263,300
|
9.1%
|
$266,217
|
$1,737
|
10.1%
|
-7.8%
|
|
Pittsburgh,
PA
|
$124,700
|
8.4%
|
$130,716
|
$1,133
|
12.6%
|
3.5%
|
|
Portland,
OR
|
$274,000
|
7.0%
|
$284,295
|
$1,511
|
5.3%
|
22.0%
|
|
Sacramento,
CA
|
$319,700
|
8.3%
|
$331,850
|
$1,582
|
3.3%
|
41.6%
|
|
San Antonio,
TX
|
$145,400
|
6.8%
|
$148,685
|
$1,276
|
4.0%
|
-3.4%
|
|
Orlando,
FL
|
$163,300
|
11.5%
|
$167,920
|
$1,305
|
4.2%
|
54.9%
|
|
Cincinnati,
OH
|
$136,400
|
5.4%
|
$139,651
|
$1,191
|
6.1%
|
2.3%
|
|
Cleveland,
OH
|
$120,900
|
3.9%
|
$124,007
|
$1,147
|
3.9%
|
6.1%
|
|
Kansas City,
MO
|
$136,900
|
4.9%
|
$139,718
|
$1,163
|
7.6%
|
-0.2%
|
|
Las Vegas,
NV
|
$182,100
|
16.3%
|
$194,586
|
$1,180
|
1.5%
|
58.7%
|
|
San Jose,
CA
|
$808,900
|
10.3%
|
$850,443
|
$3,101
|
16.2%
|
11.6%
|
|
Columbus,
OH
|
$145,100
|
9.2%
|
$149,970
|
$1,248
|
4.8%
|
-6.6%
|
|
Charlotte,
NC
|
$155,100
|
6.2%
|
$159,009
|
$1,207
|
5.6%
|
8.2%
|
|
Indianapolis,
IN
|
$129,500
|
-0.2%
|
$133,712
|
$1,185
|
2.6%
|
9.1%
|
|
Austin, TX
|
$216,500
|
11.7%
|
$221,944
|
$1,614
|
7.2%
|
-7.6%
|
About Zillow:
Zillow, Inc. (NASDAQ: Z) operates the
largest home-related marketplaces on mobile and the Web, with a
complementary portfolio of brands and products that help people
find vital information about homes, and connect with the best local
professionals. In addition, Zillow operates an industry-leading
economics and analytics bureau led by Zillow's Chief Economist Dr.
Stan Humphries. Dr. Humphries and his team of economists and data
analysts 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. Zillow also sponsors the
bi-annual Zillow Housing Confidence Index (ZHCI) which measures
consumer confidence in local housing markets, both currently and
over time. The Zillow, Inc. portfolio
includes Zillow.com®, Zillow Mobile, Zillow
Mortgages, Zillow Rentals, Zillow Digs®, Postlets®, Diverse
Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and
Retsly™. The company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate, Postlets, Mortech, Diverse
Solutions, StreetEasy, Agentfolio and Digs are registered
trademarks of Zillow, Inc. HotPads and Retsly are trademarks
of Zillow, Inc.
i The Zillow Home Value Index is the median estimated
home value for a given geographic area on a given day and includes
the value of all single-family residences, condominiums and
cooperatives, regardless of whether they sold within a given
period. It is expressed in dollars, and seasonally adjusted.
ii 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/local-info/ and www.zillow.com/research/data.
iii Zillow's Buyer/Seller Analysis ranked data on actual
sales prices compared to asking prices, the number of days listings
spent on Zillow and the percentage of homes on the market with a
price cut, and ranked the 35 largest metro areas in the country to
determine whether buyers or sellers have more negotiating power in
a given market.
iv Each week, a count of the number of single-family,
condominium and cooperative housing units listed for sale on Zillow
is taken. The median of these values within a month is calculated
as the monthly value. Because inventory can be seasonal, a
seasonally adjusted value is reported using a standard STL
procedure. This seasonally adjusted series is then smoothed using a
three-month rolling average.
v The Zillow Rent Index is the median Rent Zestimate®
(estimated monthly rental price) for a given geographic area on a
given day, and includes the value of all single-family residences,
condominiums, cooperatives and apartments in Zillow's database,
regardless of whether they are currently listed for rent. It is
expressed in dollars.
SOURCE Zillow, Inc.