Zillow: The median home value ped for the first time in 7 years.

The median listed home value in the United States clocked in at $226,800 in April, according to the latest monthly home data released by Zillow. That value is 0.1 percent lower than March, making it the first month-to-month home price decline since February 2012.

“The widespread decline in home value growth in April – the first in many years – will turn heads,” Skylar Olsen, Zillow’s director of economic research said in a statement. “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.”

Despite the monthly decline, home prices are still up 6.1% percent – the fourth straight month of slowing price appreciation.

“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,” Olsen added. “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.”

The price declines were driven primarily by the West Coast markets, but Zillow’s research team believes prices have peaked in a number of major cities, including Los Angeles, Philadelphia, Houston, Miami, Boston, San Francisco, Seattle, San Diego, St. Louis, Tampa, Baltimore, Pittsburgh, Portland and San Jose.

Values fell in 32 of the 35 largest housing markets in April and stayed static in two more markets. Riverside, California was the only market that actually saw home values increase month-over-month.

Rents continue to grow nationwide, however, increasing 2.6 percent on an annual basis to a median ment of $1,477. It’s the sixth consecutive month of median rent increases.

Mortgage rates grew slightly month-over-month, reaching as high as 4.17 percent on a 30-year mortgage and ending the month at 4.06 percent, up four basis points from April 1.

Information provided by: https://www.inman.com/2019/05/16/zillow-the-median-home-value-dropped-for-first-time-in-7-years/

 Subscribe to RSS Feed
Welcome to our Blog!
Coronavirus Philadelphia: South Philadelphia ShopRite Employee Tests Positive For COVID-19

How to talk to your friends who still aren’t social distancing

Checklist to Get Ready

3 Steps to a Healthier, Happier Home

63 Open House this weekend

Open House Schedule for this weekend. Don't forget the Home-Buying Wish List

49 Open House This Weekend in South Philly

Open House Scheduled for this weekend February 15th and 16th

Bankrupt Philly refinery gets interest from 15 potential bidders; aims for a January auction

Philadelphia City Council's 3 retiring members declined controversial program

New green buildings in South Philadelphia receive regional recognition

In gentrifying Philly, speculators pay heirs peanuts — then flip their properties for massive gains

Lower Moyamensing sees zoning shifts in the Philadelphia2035 plan

Vaping may make your lungs more vulnerable to infections, study finds

South Philly couple refuses to repair damaged water line, alleging city workers to blame

Americans now have more mortgage debt than ever before

South Philly students produce radio program through PhillyCAM youth program

Why Philadelphians are spending more than expected on their homes

Building It Better Together: Living litter-free means taking action in your community

Protecting The 'Unbanked' By Banning Cashless Businesses In Philadelphia

Rents in the US just keep going up and up

Comcast to spend $50 million in South Philly to create the nation’s first video gaming arena

As Hahnemann enters bankruptcy, ‘gateway’ development site could open up in Center City

15 Hottest Towns in Philadelphia’s Western Suburbs

Suburban real estate listing includes fully furnished sex dungeon

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.