The typical U.S. home value rose above the $350,000 mark for the first time in June, according to new data from Zillow (NASDAQ:Z, ZG).
Last month, the typical home value reached $350,213, up 1.4% from and almost 1% higher than the level set in June 2022. Home values rose from the previous month in all 50 of the largest metro areas, ranging from a vibrant 2.1% monthly growth in four markets – Chicago, Buffalo, New Orleans and Hartford – to a less substantial 0.4% uptick in Austin.
Housing inventory was up 2.4% from May to June but was 28% lower on a year-over-year measurement. Zillow noted that while June is traditionally among the strongest months for new inventory coming to market, only 376,500 new listings were available last month. As a result, the total pool of existing homes for sale is lower than any June since at least 2018.
Not surprisingly, homes don’t stay on the market very long – listings lasted 11 days in June, compared to 21 days in pre-pandemic 2019.
“Home buyers have persisted this spring despite daunting affordability challenges and record-low inventory,” said Jeff Tucker, senior economist at Zillow. “Demand typically begins to ease in the summer, and there are signs that competition is waning, but large price declines are unlikely until more homeowners list their homes for sale.”
Chicago & Evanston are stable
Michael Marin MSW,RN
Signature Homes Realty
Luxury Managing Broker