Lack of affordability drives further price declines as rebalancing continues
Market Reports
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.
In Q1, homeowners sold 12,652 homes using an iBuying service. iBuyer market share was 1.3%.
Housing Market Hot but Not a Bubble, Economists Say
Although home prices continue to break growth records, a panel of housing experts and economists surveyed by Zillow® does not believe the market is in a bubble. The latest Zillow Home Price Expectations survey polled more than 100 experts from academia, government and the private sector to gather their opinions on the state of the housing market and future growth, inflation forecasts and recession risks.
Zillow Home Value and Sales Forecast: May 2022
Zillow’s housing market outlook has been revised down from April. Zillow forecasts 11.6% home value growth over the next 12 months (May 2022-April 2023). 5.73 million existing home sales are expected in 2022, according to Zillow’s latest forecast, a 6.4% decrease from 2021.
The Housing Market is as Competitive as Ever Despite Soaring Costs (April 2022 Market Report)
Despite rising home values and mortgage rates, the housing market is as competitive as ever. Buyer demand has been strong enough to keep the market moving at a record pace, even after a massive spike in mortgage rates.
