• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

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

      • 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
  • 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. Rents Accelerate While Home Values Return to Modest Growth

After flatlining in the spring, quarterly home value growth has returned to a steady pace

- The median home in the U.S. is worth $229,600, up 4.9% from a year ago. Quarterly growth reached an annualized rate of 3.4% - up from 0.4% in May - suggesting the market has shifted back to a sustainable pace of growth.

- Rent growth continued to accelerate, up 2% year-over-year to $1,595.

- For-sale inventory - which has been persistently low for the past few years - fell 3.9% from a year ago, the biggest drop in 16 months.


News provided by

Zillow

Sep 19, 2019, 08:00 ET

Share this article

Share this article


SEATTLE, Sept. 19, 2019 /PRNewswire/ -- Home value growth returned to a steady pace in August after a slowdown in the first half of the year, according to the August Zillow® Real Estate Market Reporti. Quarter-over-quarter growth reached an annualized rate of 3.4%, up from 0.4% in May.

The median U.S. home is now worth $229,600, up 4.9% from last August, the lowest year-over-year change since April 2015. Annual growth has steadily slowed for eight consecutive months covering a period of significant change for the U.S. housing market. The rate of quarterly growth, a better indicator for recent market shifts and inflection points, has risen in each of the past three months. 

Each of the 35 largest metros is appreciating at a slower annual rate than a year ago, but quarterly growth has accelerated since May in 26 of these. Of these large markets, only San Jose (down 10.8% annually) and San Francisco (down 1.9%) saw year-over-year declines, while home values in Las Vegas, Chicago, Portland, Seattle, Sacramento, Boston, Baltimore, New York, Los Angeles, Washington, D.C., and San Diego fell quarter-over-quarter.

The fastest-growing large markets were Indianapolis (up 7.9% year-over-year), Charlotte (up 7.1%) and Atlanta (up 6.9%). These markets have led the way in each of the past few months. The biggest quarterly gains were in Pittsburgh (up 1.7%), Tampa (up 1.7%) and Cleveland (up 1.2%).

"We have persistently strong consumer confidence and the significant drop in mortgage rates to thank for the housing market's return to modest home value growth," said Zillow Director of Economic Research Skylar Olsen. "While it may be a good time to lock in your 30-year fixed rate, the market is still starved for inventory and it's getting harder again for buyers to find the right home. If current market conditions hold, it wouldn't be a surprise to see home values continue to rise, but we could see a shift if consumer sentiment dips. Similarly, rental markets continue to feel the pressure of under building in the past – a reality not overcome by the surge in large, pricier apartment buildings in downtown areas. Most of these buildings continue to readily lease up, and rent growth is expected to continue."

Rents continued to pick up the pace in August, marking the second consecutive month that rent growth has accelerated. The typical rent in the U.S. is $1,595, up 2% from a year ago.

Rents are growing faster than a year ago in 29 of the 35 largest markets. Both Las Vegas and Phoenix grew 6% annually, the largest yearly growth for any market since October 2016. Only one market fell year-over-year – Portland, which saw negative growth for the fifth month in a row.

Inventory fell 3.9%, the biggest annual drop in 16 months. There are 61,792 fewer homes on the market than this time last year. New listings grew on an annual basis for the second consecutive month, up 2.1% year-over-year.

The for-sale market has experienced persistently low inventory over the past few years, due in part to a shortage of new construction. A majority of experts surveyed by Zillow expect that shortage to last until 2022 or later.

Mortgage rates listed on Zillow fluctuated in August, ending the month at 3.7%, up four basis points from August 1. Rates peaked at 3.8% on August 8. 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,
August 2019

ZHVI Year-
over-Year
Change

ZHVI Quarter
-over-Quarter
Change
(Annualized
Rate)

Zillow Rent
Index,
August 2019

ZRI Year-
over-Year
Change

Inventory
Year-
over-Year
Change

United States

$229,600

4.9%

3.4%

$1,595

2.0%

-3.9%

New York, NY

$443,800

3.2%

-0.1%

$2,284

1.1%

-1.8%

Los Angeles-Long Beach-Anaheim, CA

$653,000

1.0%

-0.2%

$2,605

0.4%

-1.3%

Chicago, IL

$225,500

2.0%

-1.4%

$1,617

2.6%

1.4%

Dallas-Fort Worth, TX

$243,900

4.8%

1.5%

$1,442

1.7%

3.6%

Philadelphia, PA

$233,800

2.1%

1.6%

$1,499

3.1%

-9.6%

Houston, TX

$206,900

3.2%

2.8%

$1,379

0.1%

0.4%

Washington, DC

$408,500

2.0%

-0.2%

$1,977

2.7%

-16.2%

Miami-Fort Lauderdale, FL

$285,900

3.2%

2.1%

$1,852

2.8%

-1.6%

Atlanta, GA

$222,100

6.9%

3.7%

$1,456

4.7%

2.0%

Boston, MA

$463,900

1.6%

-0.7%

$2,419

3.3%

-3.0%

San Francisco, CA

$934,700

-1.9%

-3.7%

$3,169

1.7%

3.7%

Detroit, MI

$162,800

4.0%

0.7%

$1,215

2.5%

9.4%

Riverside, CA

$372,200

2.8%

0.8%

$1,910

3.5%

-8.4%

Phoenix, AZ

$269,700

4.8%

3.3%

$1,407

6.0%

-11.5%

Seattle, WA

$491,700

1.1%

-1.0%

$2,038

2.5%

-7.8%

Minneapolis-St Paul, MN

$271,800

3.9%

0.0%

$1,497

1.4%

-4.7%

San Diego, CA

$592,300

0.7%

-0.5%

$2,522

3.3%

-7.0%

St. Louis, MO

$168,200

3.5%

2.9%

$1,010

1.5%

-17.9%

Tampa, FL

$217,900

5.2%

6.9%

$1,393

3.4%

-5.6%

Baltimore, MD

$267,400

0.6%

-0.7%

$1,607

0.2%

-9.8%

Denver, CO

$411,200

3.4%

1.1%

$1,782

1.8%

7.9%

Pittsburgh, PA

$145,900

2.9%

7.2%

$1,101

1.7%

-19.2%

Portland, OR

$396,300

1.2%

-1.7%

$1,652

-0.3%

-7.3%

Charlotte, NC

$211,700

7.1%

3.7%

$1,325

4.2%

-3.9%

Sacramento, CA

$411,900

2.5%

-1.1%

$1,794

4.1%

-10.2%

San Antonio, TX

$196,400

5.0%

4.0%

$1,216

0.8%

8.8%

Orlando, FL

$241,300

5.1%

2.4%

$1,418

3.7%

-7.0%

Cincinnati, OH

$171,000

5.1%

1.7%

$1,150

3.7%

-16.1%

Cleveland, OH

$147,900

4.2%

5.0%

$1,069

4.6%

-5.9%

Kansas City, MO

$192,600

4.3%

1.0%

$1,121

1.5%

N/A

Las Vegas, NV

$278,600

3.4%

-3.2%

$1,333

6.0%

34.9%

Columbus, OH

$195,400

6.9%

4.6%

$1,184

1.1%

-12.4%

Indianapolis, IN

$168,400

7.9%

4.1%

$1,096

1.5%

N/A

San Jose, CA

$1,139,600

-10.8%

-8.7%

$3,329

0.1%

10.2%

Austin, TX

$313,500

4.7%

3.4%

$1,590

2.7%

-11.3%

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, 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 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

Pricey suburbs top Zillow's list of most popular markets this year...

Pricey suburbs top Zillow's list of most popular markets this year...


The housing market is as competitive as ever despite 53% rise in...

The housing market is as competitive as ever despite 53% rise in...

Explore

More news releases in similar topics

  • Banking & Financial Services
  • Residential Real Estate
  • 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
  • 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 © 2022 Cision US Inc.