The report indicates that overall inventory in the U.S. is 1.2% higher than in March 2018, but new listings fell 6.1% over the same period, what's more, homes are staying on the market longer – the median time increased by four days in February from a year prior, the first such increase in four years and the largest since 2011. These trends indicate that the inventory growth is driven largely by cooling demand, not more home sellers.
Zillow Director of Economic Research Skylar Olsen said that while there might be an increased number of homes available for sale over the course of the month, that's due in part because more leftovers from previous months are sticking around. "In truth, fewer homeowners are putting their homes on the market and buyer demand is falling back. Buyers won't have as much competition this shopping season and can take more time finding the perfect match, if it's out there," added Olsen.
The share of listings with a price cut is higher than this time a year ago in 33 of the nation's 35 largest housing markets. Price cuts are more prevalent in the most-expensive third of homes for sale, as 16.2% of top-tier homes have a price cut compared to 11.8% of bottom-tier homes.
National home values grew 6.6% year-over-year, and the median home is now worth $226,700. The rate of appreciation has slowed each month since peaking at 8% growth in December 2018.
Home values in San Jose, Calif., the most expensive of the 35 largest housing markets in the country, fell 0.2% from this time last year. This is the first time in four years that home values have depreciated on a year-over-year basis in any of the top 35 markets, and the first drop in San Jose in seven years.
Rent prices rose for the fifth straight month, up 2.5% on an annual basis. The median U.S. rent is $1,474. Rents grew fastest in Southwest markets Las Vegas (up 7.6%) and Phoenix (up 6.7%).
|
Metropolitan Area |
Zillow Home |
ZHVI |
ZHVI Year- |
Zillow Rent |
ZRI |
Inventory |
|
United States |
$226,700 |
1.0% |
6.6% |
$1,474 |
2.5% |
1.2% |
|
New York, NY |
$442,000 |
1.1% |
4.5% |
$2,419 |
1.5% |
4.8% |
|
Los Angeles-Long Beach-Anaheim, CA |
$652,200 |
-0.3% |
2.0% |
$2,836 |
3.4% |
24.9% |
|
Chicago, IL |
$226,200 |
0.9% |
3.3% |
$1,691 |
3.2% |
2.5% |
|
Dallas-Fort Worth, TX |
$245,100 |
1.8% |
8.9% |
$1,643 |
2.9% |
15.6% |
|
Philadelphia, PA |
$234,200 |
0.9% |
3.6% |
$1,608 |
2.6% |
-7.8% |
|
Houston, TX |
$206,600 |
1.0% |
5.7% |
$1,584 |
2.3% |
7.3% |
|
Washington, DC |
$408,300 |
0.8% |
2.7% |
$2,173 |
1.9% |
-28.5% |
|
Miami-Fort Lauderdale, FL |
$284,900 |
0.7% |
6.1% |
$1,923 |
3.1% |
6.8% |
|
Atlanta, GA |
$220,000 |
1.5% |
10.7% |
$1,447 |
4.0% |
13.8% |
|
Boston, MA |
$468,100 |
1.0% |
4.7% |
$2,395 |
2.1% |
17.8% |
|
San Francisco, CA |
$949,500 |
-1.2% |
2.0% |
$3,450 |
1.6% |
24.5% |
|
Detroit, MI |
$162,200 |
1.6% |
7.8% |
$1,226 |
2.3% |
15.1% |
|
Riverside, CA |
$369,200 |
1.1% |
4.9% |
$1,988 |
5.8% |
10.7% |
|
Phoenix, AZ |
$266,500 |
1.1% |
6.6% |
$1,446 |
6.7% |
1.1% |
|
Seattle, WA |
$491,800 |
0.3% |
2.6% |
$2,233 |
2.2% |
32.1% |
|
Minneapolis-St Paul, MN |
$270,300 |
1.2% |
5.6% |
$1,700 |
4.2% |
-5.1% |
|
San Diego, CA |
$590,100 |
-0.6% |
1.3% |
$2,647 |
4.3% |
20.4% |
|
St. Louis, MO |
$167,100 |
0.4% |
5.0% |
$1,158 |
1.8% |
-8.1% |
|
Tampa, FL |
$214,300 |
0.8% |
6.8% |
$1,442 |
5.0% |
8.5% |
|
Baltimore, MD |
$269,100 |
0.6% |
2.8% |
$1,753 |
1.0% |
-15.5% |
|
Denver, CO |
$408,000 |
0.6% |
3.7% |
$2,108 |
3.2% |
17.5% |
|
Pittsburgh, PA |
$144,400 |
0.2% |
4.4% |
$1,102 |
4.0% |
-9.8% |
|
Portland, OR |
$397,900 |
0.5% |
3.4% |
$1,870 |
1.6% |
11.6% |
|
Charlotte, NC |
$208,600 |
1.7% |
9.4% |
$1,342 |
3.9% |
4.7% |
|
Sacramento, CA |
$412,100 |
0.9% |
4.1% |
$1,915 |
4.0% |
3.2% |
|
San Antonio, TX |
$194,500 |
1.4% |
6.3% |
$1,368 |
2.3% |
15.1% |
|
Orlando, FL |
$238,600 |
1.4% |
8.0% |
$1,531 |
6.5% |
8.2% |
|
Cincinnati, OH |
$170,900 |
2.1% |
8.7% |
$1,305 |
2.4% |
2.4% |
|
Cleveland, OH |
$146,900 |
1.0% |
6.1% |
$1,165 |
2.1% |
N/A |
|
Kansas City, MO |
$193,600 |
1.5% |
9.0% |
$1,295 |
2.0% |
-16.7% |
|
Las Vegas, NV |
$280,600 |
0.5% |
10.0% |
$1,396 |
7.6% |
3.9% |
|
Columbus, OH |
$192,600 |
2.1% |
8.0% |
$1,363 |
3.5% |
4.7% |
|
Indianapolis, IN |
$167,000 |
2.5% |
12.8% |
$1,235 |
3.0% |
N/A |
|
San Jose, CA |
$1,209,700 |
-3.7% |
-0.2% |
$3,553 |
1.5% |
44.9% |
|
Austin, TX |
$312,200 |
1.7% |
6.4% |
$1,704 |
1.7% |
-1.0% |
i The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, click here. The data in Zillow's Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder's office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed here.
SOURCE Zillow
Edited by Gordana Davila
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