SEATTLE, Nov. 29, 2016 /PRNewswire/ -- U.S. home
values are up over 6 percent over the past year, to a Zillow Home
Value Indexi (ZHVI) of $191,200, according to the October Zillow® Real
Estate Market Reportsii.
Home values across the country have been rising for more than
four years. Due to low inventory, prospective buyers often face
intense competition. Less than half of buyers are successful in
purchasing the first home they make an offer on, according to the
Zillow Group Consumer Housing Trends Report.
Despite unfriendly market conditions for buyers, housing experts
predict things will change in the near future – the majority of
experts surveyed in the latest Zillow Home Price Expectations
Surveyiii said they expect the housing market to shift
from a seller's market to a buyer's market in 2018 or 2019. Zillow
forecasts home values to slow to a 3 percent appreciation rate by
next October.
"The housing market has been favoring sellers for the past few
years," said Zillow Chief Economist Dr. Svenja Gudell. "Sellers in the current housing
landscape often have the luxury of listing their home 'as-is'
without fixing it up or with only minimal window-dressing since
demand for homes has been high and inventory low. It's common for
sellers to receive multiple bids, and in the hottest markets, sell
for over asking price, but these conditions will change in the
future. As the number of homes for sale increases and home value
appreciation slows, we expect the market to meaningfully swing in
favor of buyers within the next two to three years."
Portland, Dallas and Seattle reported the highest year-over-year
home value appreciation among the 35 largest metros across the
country for the third month in a row. Home values in Portland rose almost 15 percent to a median
value of $349,500. Dallas and Seattle home values have appreciated just over
12 percent since last October.
Rents across the nation are up 1.4 percent, to a median rent
payment of $1,402 per month.
Seattle, Portland and Sacramento reported the highest year-over-year
rent appreciation among the 35 largest U.S. housing
markets. Rents in Seattle are
up 9 percent to a Zillow Rent Indexiv (ZRI) of
$2,087. Rents in Portland and Sacramento are up 7 and 6 percent,
respectively.
There are 6 percent fewer homes for sale across the country than
a year ago, with Boston,
Indianapolis and Kansas City reporting the greatest drop in
inventory among the 35 largest U.S. metros. In Boston there are 26 percent fewer homes to
choose from than a year ago, and 24 percent fewer in Indianapolis.
Metropolitan
Area
|
Zillow Home
Value Index
(ZHVI)
|
Year-over-
Year ZHVI
Change
|
Zillow Rent
Index (ZRI)
|
Year-over-
Year ZRI
Change
|
Year-over-
Year Inventory
Change
|
United
States
|
$
191,200
|
6.2%
|
$
1,402
|
1.4%
|
-5.7%
|
New York,
NY
|
$
398,000
|
5.7%
|
$
2,384
|
0.9%
|
-9.6%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$
584,700
|
6.0%
|
$
2,606
|
5.0%
|
-6.8%
|
Chicago,
IL
|
$
202,100
|
4.6%
|
$
1,637
|
-0.3%
|
-11.0%
|
Dallas-Fort Worth,
TX
|
$
198,900
|
12.3%
|
$
1,550
|
3.8%
|
-17.8%
|
Philadelphia,
PA
|
$
213,400
|
4.0%
|
$
1,573
|
0.8%
|
-12.9%
|
Houston,
TX
|
$
175,800
|
7.5%
|
$
1,566
|
-0.6%
|
1.9%
|
Washington,
DC
|
$
375,900
|
2.6%
|
$
2,120
|
0.4%
|
-17.5%
|
Miami-Fort
Lauderdale, FL
|
$
243,800
|
9.1%
|
$
1,881
|
3.6%
|
12.4%
|
Atlanta,
GA
|
$
171,100
|
7.5%
|
$
1,324
|
3.9%
|
-6.8%
|
Boston, MA
|
$
405,200
|
6.0%
|
$
2,312
|
3.3%
|
-25.8%
|
San Francisco,
CA
|
$
821,800
|
5.4%
|
$
3,390
|
2.6%
|
-1.2%
|
Detroit,
MI
|
$
133,100
|
9.0%
|
$
1,168
|
3.1%
|
-18.2%
|
Riverside,
CA
|
$
316,500
|
6.7%
|
$
1,736
|
2.8%
|
-7.6%
|
Phoenix,
AZ
|
$
227,500
|
7.0%
|
$
1,298
|
3.8%
|
-0.3%
|
Seattle,
WA
|
$
409,900
|
12.2%
|
$
2,087
|
9.1%
|
-1.5%
|
Minneapolis-St Paul,
MN
|
$
233,000
|
6.2%
|
$
1,542
|
2.5%
|
-8.6%
|
San Diego,
CA
|
$
524,900
|
6.4%
|
$
2,432
|
5.0%
|
8.9%
|
St. Louis,
MO
|
$
147,000
|
6.8%
|
$
1,121
|
-0.2%
|
-14.4%
|
Tampa, FL
|
$
175,200
|
11.0%
|
$
1,333
|
3.1%
|
-9.3%
|
Baltimore,
MD
|
$
254,800
|
3.1%
|
$
1,727
|
0.5%
|
-13.4%
|
Denver, CO
|
$
350,400
|
10.2%
|
$
2,004
|
3.0%
|
4.4%
|
Pittsburgh,
PA
|
$
133,000
|
5.1%
|
$
1,086
|
-1.4%
|
2.5%
|
Portland,
OR
|
$
349,500
|
14.6%
|
$
1,792
|
7.0%
|
-6.0%
|
Charlotte,
NC
|
$
165,800
|
7.2%
|
$
1,240
|
1.6%
|
-11.8%
|
Sacramento,
CA
|
$
348,600
|
7.6%
|
$
1,700
|
6.3%
|
-5.1%
|
San Antonio,
TX
|
$
155,600
|
6.5%
|
$
1,322
|
1.2%
|
19.6%
|
Orlando,
FL
|
$
195,400
|
9.1%
|
$
1,378
|
3.0%
|
-11.3%
|
Cincinnati,
OH
|
$
146,900
|
5.6%
|
$
1,236
|
0.8%
|
-14.6%
|
Cleveland,
OH
|
$
129,900
|
5.1%
|
$
1,146
|
1.5%
|
-10.4%
|
Kansas City,
MO
|
$
151,400
|
5.9%
|
$
1,235
|
3.2%
|
-21.8%
|
Las Vegas,
NV
|
$
212,600
|
10.1%
|
$
1,239
|
2.0%
|
28.5%
|
Columbus,
OH
|
$
159,200
|
3.6%
|
$
1,292
|
1.5%
|
-17.8%
|
Indianapolis,
IN
|
$
133,100
|
1.1%
|
$
1,190
|
0.2%
|
-24.0%
|
San Jose,
CA
|
$
958,900
|
4.5%
|
$
3,495
|
2.8%
|
-6.0%
|
Austin, TX
|
$
258,600
|
8.4%
|
n/a
|
n/a
|
16.8%
|
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 the best local professionals who can help. In
addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her 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. Launched in 2006, Zillow is
owned and operated by Zillow Group (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow and Zestimate are registered trademarks of Zillow,
Inc.
|
|
|
i The
Zillow Home Value Index (ZHVI) 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 This
edition of the Zillow® Home Price Expectations Survey surveyed 111
experts between October 28 and November 15, 2016. The survey was
conducted by Pulsenomics LLC on behalf of Zillow, Inc. and asked
the experts about their expectations for the housing
market.
|
iv The
Zillow Rent Index (ZRI) 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/experts-predict-housing-market-will-soon-favor-buyers-300369419.html
SOURCE Zillow