‘Only time will tell if September is the end’: Zillow reports sharp drop in home values in these cities, amid bleak US housing market outlook
Winter is coming and the real estate market is slowly coming to a virtual standstill.
According to a new report by Zillow
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The typical home in the US saw its value barely increase between September and October, up 0.1%.
But some markets were in the red: Las Vegas home prices fell 2.3% month-over-month, followed by Austin with a 2.2% drop.
According to a report by the Austin Board of Realtors, the area in September saw closing sales drop 18% and active listings up 162%.
Some markets in the Western United States, such as Los Angeles and Riverside, California, have seen a rebound in home values, with prices up 0.8 percent and 0.4 percent, respectively, but the data is positive. One-month poles do not form trends. “Only time will tell if September is the right time for these cities,” said author of the Zillow report, Jeff Tucker.
The real estate company’s report is a preview of the full research findings, which will be released later this month.
Homeowners with low mortgage rates are doing well
The real estate market has been in a recession since mortgage rates skyrocketed earlier this year. Follow Mortgage News Daily in Monday. The rate was less than 4% a year ago.
Active inventory, or the total number of available listings (including new-to-market and those that have been on the market for some time), increased 1.8 percent for the month. 10 from the previous year.
That’s not a great sign, as sellers continue to sit on homes they’ve bought with low mortgage rates and amid a “bear market,” Tucker said.
The share of new listings hitting the market has fallen by about 24% compared to the same time last year.
But the real estate market can change dramatically at the local level.
“Homebuyers have not had this much leverage and many options for more than a decade,” Cord Shiflet, president of the Austin Board of Realtors, said in a statement.
