Home Prices Dropped in November as Buyers Balked at Higher Interest Rates (November 2022 Market Report Preview)
- The typical U.S. home value fell slightly from October to November (-0.2%), as high interest rates further discouraged home buyers.
- San Jose (-3.3%) and Raleigh (-2.5%) saw the sharpest home value declines month-over-month.
- Home values were slightly lower than last November in San Francisco (-1.1%) and Austin (-0.05%).
- Active inventory climbed to a 7% year-over-year increase in November.
- New listings sank 25.4% from last year’s flow of newly added listings.
- Sales volume likely withered further, to a 38% year-over-year decline in newly pending listings.
- Asking rents fell 0.4% month-over-month, the largest monthly decline since 2015, and somewhat steeper than is typical for November. The typical U.S. rent is now $2,008.
Note: In September 2022, Zillow’s Economic Research team began releasing an early preview of our monthly market data, offering an accelerated first look at the previous month’s key housing metrics. More detail will be included later in the month in our standard full-length Monthly Market Report.