The U.S. housing market experienced a slight dip in September, with a 0.1% decrease in typical home values, but according to Zillow, annual price growth remained positive, registering a 2.1% gain compared to September 2022.
Despite elevated sales prices and still-rising mortgage rates, homebuying conditions have improved over the last year. Fewer homes are selling above their list price, more listings include price cuts, and properties are taking slightly longer to go pending. The housing inventory pool also expanded slightly in September, indicating potential year-over-year gains in new listings over the coming months.
Home values climbed month-over-month in 14 of the 50 largest metro areas in September, down from 32 last month. Gains were biggest in San Diego (0.8%), Miami (0.5%), Hartford (0.3%), Los Angeles (0.3%), and San Jose (0.3%).
Home values fell, on a monthly basis, in 32 major metro areas, up from 12 last month. The largest monthly drops were in Austin (-1.4%), New Orleans (-1.4%), San Antonio (-0.9%), Portland (-0.6%), and Minneapolis (-0.6%).
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