SEATTLE, May 16, 2019 /PRNewswire/ -- U.S. home
values fell from March to April, the first month-over-month decline
since February 2012, according to the
April Zillow® Real Estate Market Reporti.
The typical U.S. home is worth $226,800, down 0.1% from last month. The decline
– led primarily by large West Coast markets – comes after 85
straight months of gains that brought home values to record highs.
U.S. home values have experienced declines only twice over the past
few decades: during the recession of the early 1990s and the Great
Recession and housing crisis in the late 2000s.
On an annual basis, home values grew 6.1%. But the pace of
year-over-year appreciation has slowed in each of the past four
months, falling from 8.1% annual growth as recently as
December.
Home values fell in 32 of the 35 largest housing markets over
April and remained flat in two others. Riverside, Calif., was the only large market
that saw its home values appreciate during the month. This downturn
has been a longer-term trend in other large California markets – home values have fallen
in at least each of the previous three months in San Jose, San
Francisco, San Diego and
Los Angeles.
"The widespread decline in home value growth in April – the
first in many years – will turn heads. But it's too early to say if
we've hit another national home value peak and are at the beginning
of a sustained downturn, or if this is just a bump in the road,"
said Zillow Director of Economic Research Skylar Olsen. "Month-over-month numbers are
volatile, and this small decline could reverse itself before the
year is out and before national home values go negative on a
year-over-year basis. That said, the likelihood that home values
have peaked in several local markets is real. The price correction
in these areas should continue after years of significant home
value growth that substantially outpaced income growth."
Home values have likely peaked in Los
Angeles, Philadelphia,
Houston, Miami, Boston, San
Francisco, Seattle,
San Diego, St. Louis, Tampa, Baltimore, Pittsburgh, Portland and San
Jose.
Rent prices continued to accelerate, growing for the sixth
consecutive month. The median U.S. rent rose 2.6% on an annual
basis to $1,477. Rents grew the
fastest in Las Vegas (up 7.8%),
Phoenix (up 6.7%) and Orlando (up 6.4%).
Inventory fell 1.7% year-over-year in the U.S. Washington, D.C., has seen the most
significant drop, with 31.7% fewer homes for sale than this time a
year ago.
Despite the drop nationally, for-sale inventory has grown
significantly in expensive West Coast markets San Jose, Seattle and San
Francisco – this is due to cooling demand rather than a
flood of new listings.
Mortgage rates listed on Zillow rose slightly in April. Rates
grew as high as 4.17% before ending the month at 4.06%, up four
basis points from April 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
|
Median
Home Value,
April 2019
|
Home
Value
Month-
over-
Month
Change
|
Home
Value
Year-over-
Year
Change
|
Median
Rent,
April
2019
|
Rent
Year-
over-
Year
Change
|
Inventory
Year-over-
Year
Change
|
United
States
|
$226,800
|
-0.1%
|
6.1%
|
$1,477
|
2.6%
|
-1.7%
|
New York,
NY
|
$442,500
|
0.0%
|
4.1%
|
$2,419
|
1.6%
|
3.4%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$649,500
|
-0.3%
|
1.4%
|
$2,835
|
3.2%
|
17.4%
|
Chicago,
IL
|
$225,900
|
-0.2%
|
3.0%
|
$1,696
|
3.5%
|
3.7%
|
Dallas-Fort
Worth,
TX
|
$243,900
|
-0.3%
|
7.6%
|
$1,646
|
3.1%
|
10.6%
|
Philadelphia,
PA
|
$232,800
|
-0.4%
|
2.8%
|
$1,611
|
2.8%
|
-11.1%
|
Houston,
TX
|
$205,600
|
-0.3%
|
4.6%
|
$1,585
|
2.3%
|
3.8%
|
Washington,
DC
|
$407,700
|
-0.1%
|
2.4%
|
$2,176
|
2.2%
|
-31.8%
|
Miami-Fort
Lauderdale, FL
|
$283,400
|
-0.5%
|
5.0%
|
$1,928
|
3.3%
|
3.8%
|
Atlanta,
GA
|
$219,600
|
-0.1%
|
9.6%
|
$1,452
|
4.3%
|
8.9%
|
Boston, MA
|
$465,000
|
-0.6%
|
3.7%
|
$2,401
|
2.1%
|
13.3%
|
San Francisco,
CA
|
$946,700
|
-0.5%
|
1.3%
|
$3,455
|
1.7%
|
19.7%
|
Detroit,
MI
|
$162,200
|
0.0%
|
6.9%
|
$1,228
|
2.7%
|
12.2%
|
Riverside,
CA
|
$370,100
|
0.1%
|
4.8%
|
$1,993
|
5.5%
|
6.2%
|
Phoenix,
AZ
|
$266,600
|
-0.1%
|
6.0%
|
$1,452
|
6.7%
|
-1.0%
|
Seattle,
WA
|
$491,600
|
-0.4%
|
2.2%
|
$2,236
|
2.5%
|
22.8%
|
Minneapolis-St
Paul,
MN
|
$270,700
|
0.0%
|
5.1%
|
$1,704
|
4.3%
|
-5.5%
|
San Diego,
CA
|
$590,700
|
-0.1%
|
1.2%
|
$2,650
|
4.3%
|
10.9%
|
St. Louis,
MO
|
$166,500
|
-0.3%
|
4.1%
|
$1,162
|
2.1%
|
-10.8%
|
Tampa, FL
|
$213,800
|
-0.4%
|
5.7%
|
$1,446
|
4.8%
|
4.8%
|
Baltimore,
MD
|
$267,800
|
-0.3%
|
1.9%
|
$1,754
|
1.0%
|
-17.3%
|
Denver, CO
|
$407,900
|
-0.2%
|
3.3%
|
$2,114
|
3.3%
|
17.5%
|
Pittsburgh,
PA
|
$143,200
|
-0.7%
|
2.9%
|
$1,105
|
3.3%
|
-12.2%
|
Portland,
OR
|
$397,400
|
-0.4%
|
3.1%
|
$1,875
|
2.1%
|
4.1%
|
Charlotte,
NC
|
$208,500
|
0.0%
|
8.7%
|
$1,346
|
4.2%
|
3.8%
|
Sacramento,
CA
|
$411,500
|
0.0%
|
3.7%
|
$1,919
|
4.2%
|
-1.3%
|
San Antonio,
TX
|
$194,100
|
-0.2%
|
5.7%
|
$1,373
|
2.8%
|
15.8%
|
Orlando,
FL
|
$238,900
|
-0.1%
|
7.5%
|
$1,536
|
6.4%
|
5.0%
|
Cincinnati,
OH
|
$169,900
|
-0.3%
|
7.5%
|
$1,307
|
2.5%
|
-1.8%
|
Cleveland,
OH
|
$146,500
|
-0.2%
|
5.2%
|
$1,168
|
2.5%
|
N/A
|
Kansas City,
MO
|
$192,900
|
-0.2%
|
7.9%
|
$1,299
|
2.5%
|
-24.1%
|
Las Vegas,
NV
|
$279,900
|
-0.2%
|
9.0%
|
$1,402
|
7.8%
|
14.5%
|
Columbus,
OH
|
$192,000
|
-0.3%
|
7.2%
|
$1,366
|
3.0%
|
-2.0%
|
Indianapolis,
IN
|
$166,800
|
-0.1%
|
11.5%
|
$1,237
|
3.3%
|
N/A
|
San Jose,
CA
|
$1,193,600
|
-1.4%
|
-2.7%
|
$3,562
|
1.8%
|
38.7%
|
Austin, TX
|
$311,300
|
-0.2%
|
5.7%
|
$1,711
|
2.0%
|
-4.4%
|
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 great real estate professionals. In addition,
Zillow operates an industry-leading economics and analytics bureau
led by Zillow Group's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of
economists, data analysts, applied scientists and engineers 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. Launched in 2006, Zillow is owned and operated
by Zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in
Seattle.
Zillow is a registered trademark 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.
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SOURCE Zillow