• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

U.S. Home Value Growth Near Six-Year Lows as the Housing Market Continues to Steady Itself

Despite slowing price growth, potential buyers are still feeling the pinch thanks to low inventory and rising rents

- U.S. home values grew 3.8% year over year to $243,225. This is the smallest annual growth since January 2013, but quarterly growth has reaccelerated in recent months.

- Rent growth accelerated for the fifth straight month, up 2.3% annually to $1,600.

- For-sale inventory fell 6.4% from a year ago. There are 102,463 fewer homes on the market than a year ago.


News provided by

Zillow

Dec 19, 2019, 08:00 ET

Share this article

Share this article


SEATTLE, Dec. 19, 2019 /PRNewswire/ -- Annual home value growth has reached its lowest point since January 2013 as the housing market continues its return to historic norms after a red-hot 2017 and 2018. The typical U.S. home value grew 3.8% to $243,225[i], according to the November Zillow® Real Estate Market Report[ii].

Annual home value growth has now slowed in each of the past 19 months, but it has been a gradual slowdown, not slamming on the brakes. The drop in year-over-year growth has not exceeded 0.3 percentage points from one month to the next during this period. Quarterly home value growth –  a better indicator of recent shifts in the market – shows the market may have turned a corner and the slowdown will not continue for long. The pace of quarter-over-quarter home value growth has accelerated in each of the past three months, though it remains slower than this time last year.

This slowdown has been felt in much of the country. Among the 35 largest U.S. metros, only San Antonio and Washington, D.C., are growing at a faster annual rate than they were at this time last year. San Jose, Las Vegas, San Francisco and Seattle have slowed the most. San Jose and San Francisco continue to be the only large markets with declining year-over-year home values, though those numbers have become less negative over the past month.

Phoenix is the fastest-growing top-35 market, up 6.1% year over year. Columbus is next at 5.9% annual growth, followed by Charlotte (up 5.8%) and Indianapolis (up 5.7%). The relative affordability of these markets, combined with solid employment numbers, continues to bolster their appeal. 

"As we approach the winter holidays, housing, too, is taking a breather," said Skylar Olsen, Zillow's director of economic research. "Motivated sellers trying to close before the end of the year dropped their list prices in September and October, with November numbers showing the expected quiet in listing activity. That quiet is echoed by the slower annual appreciation and the lower-than-normal available inventory. But as we anticipate longer days to come, so too we anticipate some relief for housing. Lifting housing starts and permit numbers, strong jobs reports and the steady progress towards more stable and sustainable home value appreciation all point to a healthier 2020 for housing."

The typical U.S. rent is now $1,600, up 2.3% from this time last year. This is the fifth consecutive month that annual rent growth has accelerated. Phoenix has the fastest-growing rents in the country by a large margin, up 7.6% year over year. Las Vegas is second at a comparatively paltry 5.1%. Rents are falling in Columbus (down 1.9% year over year), Houston (down 0.7%) and San Antonio (down 0.2%).

Inventory fell again, reaching the lowest level in Zillow data that dates back to 2013. The 6.4% year-over-year drop is the biggest in 20 months. There are 102,463 fewer homes on the market than at this time last year. Inventory fell the furthest in Seattle (down 28.8%), Sacramento (down 21.2%) and San Diego (down 19.9%).

Mortgage rates listed on Zillow rose to 3.67% in November after starting the month at 3.62%. Rates peaked at 3.78% on November 8, before falling to a monthly low of 3.58% on November 18. 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 recent changes in the market.

Metropolitan Area

Zillow Home
Value Index,
November 2019

ZHVI Year-
over-Year
Change

Zillow
Rent
Index,
November
2019

ZRI
Year-
over-
Year
Change

Inventory
Year-over-
Year
Change

United States

$243,225

3.8%

$1,600

2.3%

-6.4%

New York, NY

$478,439

0.9%

$2,305

2.8%

-2.0%

Los Angeles-Long Beach-Anaheim, CA

$667,662

1.2%

$2,637

2.0%

-14.1%

Chicago, IL

$238,255

1.1%

$1,603

0.9%

1.5%

Dallas-Fort Worth, TX

$251,320

3.2%

$1,467

1.7%

0.5%

Philadelphia, PA

$247,155

3.2%

$1,508

2.1%

-12.2%

Houston, TX

$215,706

3.0%

$1,389

-0.7%

-1.8%

Washington, DC

$431,428

3.4%

$1,984

2.3%

-15.9%

Miami-Fort Lauderdale, FL

$298,565

2.3%

$1,878

1.1%

-4.1%

Atlanta, GA

$236,769

4.9%

$1,476

3.7%

4.5%

Boston, MA

$485,849

1.6%

$2,361

2.2%

-7.6%

San Francisco, CA

$1,079,474

-2.3%

$3,142

1.0%

-8.3%

Detroit, MI

$177,741

3.9%

$1,206

0.8%

10.3%

Riverside, CA

$379,067

2.8%

$1,918

3.3%

-13.6%

Phoenix, AZ

$284,480

6.1%

$1,469

7.6%

-16.9%

Seattle, WA

$514,041

0.7%

$2,022

1.9%

-28.8%

Minneapolis-St Paul, MN

$288,292

4.0%

$1,511

1.8%

-2.8%

San Diego, CA

$600,560

1.7%

$2,542

3.9%

-19.9%

St. Louis, MO

$176,719

3.5%

$1,039

4.6%

-12.5%

Tampa, FL

$227,195

4.2%

$1,431

3.3%

-9.3%

Baltimore, MD

$287,929

0.8%

$1,614

0.7%

-8.4%

Denver, CO

$431,790

1.7%

$1,791

2.1%

-8.0%

Pittsburgh, PA

$157,367

4.4%

$1,136

3.3%

-14.6%

Portland, OR

$412,462

1.9%

$1,710

3.7%

-15.6%

Charlotte, NC

$234,306

5.8%

$1,367

4.6%

-5.3%

Sacramento, CA

$422,086

3.4%

$1,818

3.6%

-21.2%

San Antonio, TX

$203,417

5.0%

$1,216

-0.2%

9.9%

Orlando, FL

$250,562

3.8%

$1,449

2.8%

-9.6%

Cincinnati, OH

$183,297

5.4%

$1,185

3.4%

-16.9%

Cleveland, OH

$156,590

4.5%

$1,080

1.4%

-4.3%

Kansas City, MO

$201,395

4.0%

$1,137

2.8%

-10.4%

Las Vegas, NV

$288,111

1.3%

$1,360

5.1%

4.5%

Columbus, OH

$208,126

5.9%

$1,182

-1.9%

-9.3%

Indianapolis, IN

$178,836

5.7%

$1,114

2.8%

N/A

San Jose, CA

$1,163,434

-8.1%

$3,309

0.4%

-12.8%

Austin, TX

$332,456

4.0%

$1,628

4.0%

-14.7%

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, inspiration and knowledge among both consumers and real estate professionals. 

Zillow's proprietary data, technology and industry partnerships put Zillow at nearly every major point of the home shopping experience, helping consumers search for and get into their new home faster. Zillow now offers a fully integrated home shopping experience that includes access to for sale and rental listings, Zillow Offers®, which provides a new, hassle-free way to buy and sell eligible homes directly through Zillow; and Zillow Home Loans, Zillow's affiliated lender that provides an easy way to receive mortgage pre-approvals and financing. Zillow Premier Agent instantly connects buyers and sellers with its network of real estate professionals to help guide them through the home shopping process. For renters, Zillow's innovations are streamlining the way people search, tour, apply and pay rent for leased properties. 

In addition to Zillow.com, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.

Zillow and Zillow Offers are registered trademarks of Zillow, Inc.

[i] Note: Beginning with publication of November 2019 data, the flagship Zillow Home Value Index is being calculated using a new methodology. Among other improvements, this new approach reflects a more complete view of a given area's housing stock and its evolution over time; corrects for appreciation driven by property improvements and not market forces; and allows for more custom calculations based on smaller regions and/or different property attributes. Overall, data changed by small amounts compared to the old methodology, though you may notice that the narrative in some markets has changed more than others. For a deeper look at what was changed and why, we invite you to read our new methodology documents: https://www.zillow.com/research/zhvi-methodology-2019-highlights-26221/

[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/research/data.

SOURCE Zillow

Related Links

https://www.zillow.com

Modal title

Also from this source

Zillow's new AI-powered natural-language search is a first in real estate

Zillow's new AI-powered natural-language search is a first in real estate


Renters Can Now Instantly Book Apartment Tours on Zillow

Renters Can Now Instantly Book Apartment Tours on Zillow

Explore

More news releases in similar topics

  • Banking & Financial Services
  • Real Estate
  • Residential Real Estate
  • Surveys, Polls and Research

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.