{"id":4497,"date":"2023-08-22T07:55:33","date_gmt":"2023-08-22T07:55:33","guid":{"rendered":"https:\/\/frankbuysphilly.com\/home-prices-reached-record-highs-again-where-are-they-growing-the-most\/"},"modified":"2023-08-22T07:55:33","modified_gmt":"2023-08-22T07:55:33","slug":"home-prices-reached-record-highs-again-where-are-they-growing-the-most","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/home-prices-reached-record-highs-again-where-are-they-growing-the-most\/","title":{"rendered":"Home Prices Reached Record Highs Again\u2014Where Are They Growing the Most?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">It looks like the housing market is back to breaking records again.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/home-values-keep-climbing-in-spring-shopping-seasons-last-hurrah-july-2023-market-report-32943\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">According to Zillow<\/span><\/a><span data-preserver-spaces=\"true\">, the typical U.S. home value just hit its highest point in July, clocking in at just under $350,000. That\u2019s up 1.4% compared to a year prior and marks the first annual uptick in 16 months.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s surprising, given that mortgage rates are currently\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">averaging over 7%<\/span><\/a><span data-preserver-spaces=\"true\">, according to Freddie Mac, but also not, considering just how low\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/redefining-what-a-balanced-market-is\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">housing supply<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0continues to be.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In fact, new listings were down 26% in July year over year and 28% in June. Only 336,000 homes went on the market last month\u2014a number more fitting of \u201ca frosty January,\u201d as Zillow economist Jeff Tucker puts it.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Total active inventory was down, too\u201415% for the year and a whopping 44% compared to pre-pandemic days in July 2019. And according to Tucker, that\u2019s likely the best supply we\u2019re going to see all year.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cJuly will likely mark the high point for inventory in 2023, if it follows seasonal trends seen in 2018 and 2019,\u201d Tucker says. \u201cAt best\u2014for buyers\u2014it could inch slightly higher in August, like in 2021 and 2022, but either way, buyers should not expect to see many more homes available for sale on Zillow at any time this year than they do now.\u201d<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Where Home Values Have Jumped the Most (and Least)<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Of course, those are only national numbers. If you look at market-level data, some of the changes are even more significant.\u00a0<\/span><\/p>\n<div class=\"tableauPlaceholder\" id=\"viz1692650075942\" style=\"position: relative\"><noscript><a href=\"https:\/\/www.zillow.com\/research\/home-values-keep-climbing-in-spring-shopping-seasons-last-hurrah-july-2023-market-report-32943\/\"><img decoding=\"async\" alt=\" \" src=\"https:\/\/public.tableau.com\/static\/images\/MM\/MMR2023\/ZHVI\/1_rss.png\" style=\"border: none\" title=\"Home Prices Reached Record Highs Again\u2014Where Are They Growing the Most? 2\"\/><\/a><\/noscript><\/div>\n<p><span data-preserver-spaces=\"true\">All in all, the Midwest and Northeast regions saw the biggest growth in home values from July 2022 to July 2023. In Hartford, Connecticut, for example, home values have increased 5.67% compared to last year. Cincinnati, Milwaukee, Wisconsin, Miami, Philadelphia, and Richmond, Virginia have all seen jumps of 5% or more, too.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That said, the South and West appear to have experienced the biggest drops. Austin, Texas, notched the biggest dip in home values, with a jaw-dropping 10.42% downslide year over year. Phoenix\u2019s values dipped 6.11%, while Las Vegas saw a 5.99% fall. Other cities with notable drops included San Francisco, Dallas, and Sacramento, California.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Tides May Be Turning<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The numbers may have broken records this time around, but it\u2019s unlikely to happen again this year. In fact, the data is already starting to show signs of the typical seasonal slowdown.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For one, sales are low. Pending sales\u2014which mean a home has gone under contract \u2014 were down 6.5% in July compared to June. The typical time on the market was 12 days for the month\u2014up from 11 days in June and 10 days in April and May. In addition, the share of homes with a price cut also increased.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s not great news for sellers, but it\u2019s certainly good for those considering buying a home, indicating the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-housing-market-is-stuck-in-limbo\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">housing market<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is seeing less competition, more time to shop, and hopefully lower prices down the line.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As Tucker puts it: \u201cThe gradual tapering of sales volume and sales speed together indicate that negotiating power has likely begun to swing in buyers\u2019 favor, and those who remain in the hunt should expect the pendulum to swing more in their favor as the summer wears on.\u201d<\/span><\/p>\n<div id=\"visibility-group-block_64dd561cede13\" class=\"visibility-group  hidden\">\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n<div class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 lg:w-1\/2 \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find an Agent in Minutes<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Match with an investor-friendly agent who can help you find, analyze, and close your next deal.<\/p>\n<p><\/main>\n<\/div>\n<div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\" alt=\"find an investment-friendly real estate agent\" title=\"Home Prices Reached Record Highs Again\u2014Where Are They Growing the Most? 3\"\/>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-group is-layout-constrained\">\n<div class=\"wp-block-group__inner-container\">\n<div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n<p><\/main>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/home-prices-reached-record-highs-again-these-markets-are-growing-the-most\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article It looks like the housing market is back to breaking records again.\u00a0According to Zillow, the typical U.S. home value just hit its highest point in July, clocking in at just under $350,000. That\u2019s up 1.4% compared to a year prior and marks the first annual uptick in 16 months. It\u2019s surprising, given [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4498,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,1],"tags":[],"_links":{"self":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts\/4497"}],"collection":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/comments?post=4497"}],"version-history":[{"count":0,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts\/4497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/media\/4498"}],"wp:attachment":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/media?parent=4497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/categories?post=4497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/tags?post=4497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}