Zillow Home Value and Sales Forecast: October 2022
Zillow expects home value growth to continue to slow over the coming months. The national Zillow Home Value Index, which increased by 12.9% in the twelve months ending in September, is expected to grow by just 1.3% in the next twelve months, according to Zillow’s monthly home value forecast. This long-term outlook is in line with last month’s projections, which called for a 1.2% annual increase.
The typical U.S. home value was unchanged in September from August, likely reflecting a response to a late-summer drop in mortgage rates. Rates have since surged higher, which will likely dampen demand this fall and place more downward pressure on prices.
Buyers: Results from the Zillow Consumer Housing Trends Report 2022
A global pandemic, historic economic change and an unprecedented shift in the housing market have been hallmarks of the past year. But while these large-scale changes have shifted the landscape and have the potential to reshape buyers’ preferences over the longer term, many behaviors and attitudes remain the same.
Zillow Home Value and Sales Forecast: September 2022
Zillow expects home value growth to slow considerably over the next year, from the current rate of 14.1% annual growth to 1.4% growth over the coming year. This is a downward revision from August’s year-ahead forecast of 2.4% home value growth.
Lack of affordability drives further price declines as rebalancing continues
Zillow Home Value and Sales Forecast: August 2022
Zillow’s outlook for home prices has been revised down significantly due to a sharp downturn in July. Zillow forecasts 2.4% home value growth through the end of July 2023.
Buyers Gaining Time and Options as Housing Market Rebalances (July Market Report)
Competition is easing as inventory accumulates, leading the market back toward ‘normal’
Zillow Home Value and Sales Forecast: July 2022
Zillow’s housing market outlook has been revised down from June. Zillow forecasts 7.8% home value growth over the next 12 months (July 2022-June 2023).
Monthly payments on a typical mortgage are more than 75% higher than they were in June 2019. Affordability challenges are tamping down competition in formerly red-hot markets, causing steep drops in pending sales in places like San Jose, Seattle, and Salt Lake.
Housing Affordability Hits 15-Year Low as Prices, Mortgage Rates Rise (May 2022 Market Report)
Mortgage payments are higher than rent in 45 of the 50 largest U.S. metros, up from 22 in 2019.
