Annual home growth was just 3.8% in November according to Zillow
Annual home price growth has been slowing every month for the last 19 months according to a report from Zillow.
It means that the November 2019 rate of 3.8% was the lowest since January 2013 with the typical US home value at $243,225.
Although the slower pace of growth has continued for many months, it has not been down by more than 0.3% month-over-month in any month and quarterly data over the past three months suggests the slowdown may not last for much longer.
"As we approach the winter holidays, housing, too, is taking a breather," said Skylar Olsen, Zillow's director of economic research. "Motivated sellers trying to close before the end of the year dropped their list prices in September and October, with November numbers showing the expected quiet in listing activity. That quiet is echoed by the slower annual appreciation and the lower-than-normal available inventory. But as we anticipate longer days to come, so too we anticipate some relief for housing. Lifting housing starts and permit numbers, strong jobs reports and the steady progress towards more stable and sustainable home value appreciation all point to a healthier 2020 for housing."
Among the 35 largest US metros, only San Antonio and Washington, D.C., are growing at a faster annual rate than they were at this time last year while San Jose, Las Vegas, San Francisco and Seattle have slowed the most.
