And, as a result of rising prices and interest rates, the average mortgage payment has more than doubled in that time.Īccording to Zillow's home value index, typical property values in Phoenix-Mesa-Scottsdale Metro grew by 22.1% from July 2021 to July 2022, compared to 30% from July 2020 to July 2021, and 9.9% from July 2019 to July 2020. Despite the decline in July, Phoenix-area homes are still valued about 70% more than they were in July 2019.
According to Zillow, the average home value in metro Phoenix fell 2.8% from June to July, to $470,800. Phoenix's housing market is now cooling off, which is excellent news for buyers but not for homeowners. The Phoenix real estate market not only recovered after a slump due to COVID-19 but the demand reached new heights. It is a metropolitan area, centered in the city of Phoenix, which includes much of the central part of Arizona. The Greater Phoenix housing market was extremely strong last year. Phoenix has been one of the hottest real estate markets in the U.S.
Tacoma Housing Market: Prices | Trends | Forecasts 2022.Omaha Housing Market: Prices | Trends | Forecasts 2022.Nashville Real Estate Market: Prices & Forecast 2022-2023.Southern California Housing Market Forecast 2022 & 2023.Utah Housing Market (Salt Lake City) Trends & Forecast 2022-2023.NYC Housing Market Report: Rent Prices Are Skyrocketting.Maryland Housing Market Forecast 2022 & 2023.Michigan Housing Market Forecast 2022 & 2023.Massachusetts Housing Market Forecast 2022 & 2023.Will Home Prices Drop in 2023: Housing Market Forecast 2023.Housing Market Forecast 2024 & 2025: Predictions for Next 5 Years.On the other hand, Miami saw the largest monthly gains in home values, with an increase of 1.5%. San Francisco also saw values fall 2.8% in July. Phoenix and Austin, two of the hottest housing markets during the pandemic, saw declines of 2.8% and 2.7% respectively. The biggest declines were in San Jose, California, where home values dropped 4.5% on a monthly basis in July. Home values fell in 30 out of the 50 largest metro areas, according to Zillow. Of course, the dip in the housing market isn’t happening equally across the country. Data released last week by the National Association of Realtors (NAR) showed that sales of existing homes (not new construction) were down 20% on an annual basis in July thanks to soaring borrowing costs. Olsen attributed the slowdown in price growth to rising mortgage rates, which forced many prospective buyers out of the market as the cost of buying a home shot through the roof. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas View Today's Rates
"Home values flattening so quickly after recent record growth might surprise,” Zillow Chief Economist Skylar Olsen said in a news release, “but it's a badly needed rebalancing that gives homebuyers more options, more time to shop and more negotiating power.” That decrease may not seem like a lot (home values are still significantly higher than they were last year and the year before), but it’s likely a welcome relief for buyers who have been struggling in the red-hot market. That represents a $366 decline and brings the typical home value in the United States to $357,107. The index, which uses Zillow data to measure the value of a typical home, fell 0.1% on a monthly basis. The Zillow Home Value Index dropped in July for the first time since 2012, according to new data from the real estate website. Home values decreased for the first time in a decade, according to Zillow, and that's just one of several signs it's finally getting easier to buy a house. Get started for $70 or less per month - just click here. With byte’s doctor-directed treatment, you can get straight teeth with convenience and discretion. Over 200,000 confident smiles cannot be wrong.
0 kommentar(er)
