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September Market Growth Suggests Appreciation Balance

Market Data + Trends

September Market Growth Suggests Appreciation Balance

A modest slowdown could give buyers more selection.

October 19, 2021
Row of houses for sale.

The U.S. Zillow Home Value Index (ZHVI) reports another record pace of appreciation in September, but after a peak month in July, a heated housing market may be slowing down.

The monthly appreciation rate for September rose 1.6% from August, but this growth comes after rates hit a peak of 2% in July, signaling more balance in the month ahead. 

Annual growth in home values set another record high of 18.4% in September, but a closer look at the data reveals that the modest slowdown in growth that began late in the summer continued into early fall, giving buyers slightly more selection and a bit more time to breathe.

The U.S. Zillow Home Value Index (ZHVI) rose to $308,220 in September, up 1.6% from August. That’s the fourth-fastest monthly pace of appreciation recorded by Zillow in data dating back to 2000, but also the second-straight slowdown after monthly appreciation peaked this year at 2% in July (slowing to 1.8% in August). The typical U.S. home was worth 18.4% more in September 2021 than it was in September 2020, surpassing August’s then-record of 17.5% annual appreciation.

Home values were up on the month and the year in all 50 of the largest metro areas tracked by Zillow. Monthly growth in these markets ranged from a low of 0.4% in San Jose to 3.0% appreciation in Raleigh. Annual appreciation in large markets was in the double digits across all 50 markets, ranging as high as an eye-watering 44.9% in Austin and 32.2% in Phoenix to a comparatively “sluggish” rate of 13.2% in New Orleans. 

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