At the peak of a nationwide correction in September, the Zillow Home Value Index (ZHVI) revealed month-over-month home price declines in 303 of the nation’s 400 largest housing markets, but in the first several months of 2023, that trend seems to be reversing. Just 133 of the nation’s 400 largest housing markets registered a month-over-month home price decline in February, while 267 markets saw a month-over-month increase in home prices, Fortune reports.
While some overheated western markets such as San Francisco and Boise, Idaho, are still registering monthly declines, Midwestern markets are seeing substantial growth.
Unlike overheated Western housing markets, many Northeast and Midwest markets remained closer aligned to fundamentals during the Pandemic Housing Boom. That put those markets in a better position to weather the affordability crunch brought on by last year's mortgage rate shock.
Now that home price growth is returning to more markets, does that mean the home price correction is nearing its conclusion? Experts are divided.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners