The typical U.S. home value rose just 0.1% in October as the number of newly pending listings fell a staggering 35.1% year-over-year, according to Zillow. Tight inventory sustained elevated prices, though some formerly red-hot housing markets posted small but steady declines throughout October.
Las Vegas, Austin, and Raleigh saw the largest monthly changes with price drops of -2.3%, -2.2%, and -1.1%, respectively. On the flip side, home prices continued to rise in affordable metros like Milwaukee, Hartford, and Kansas City, which saw gains of 0.9%, 0.9%, and 0.8%, respectively.
Taking stock of changes over the last 12 months, a much different picture comes into focus: All four of the major markets with the greatest year-over-year home value appreciation are in Florida: Miami (23.3%), Tampa (21.2%), Orlando (20.9%), and Jacksonville (19.8%). At the other extreme are markets where prices are practically flat from this time last year: San Francisco (1.9%), Austin (2.3%), and Pittsburgh (3.4%) had the lowest annual home value growth among the 50 largest metropolitan areas. Among the top 100, just one market was lower: Boise, where home values are now 4.2% lower than this time last year.
Advertisement
Related Stories
Market Data + Trends
10 States Where Home Insurance Rates Have Risen the Most
Responding to the increasing number of natural disasters, insurers are hiking prices, with some states bearing the brunt more than others
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth