The median value of US homes increased by $12,500 in the year to October according to an analysis by Zillow
The median value of US homes increased by $12,500 in the year to October according to an analysis by Zillow.
It found that homes in more than half of metros increased their value by at least $10,000 with West Coast markets continuing to lead the rise. The median US home value in October was $203,400, up 6.5% from a year earlier.
In San Jose, CA homeowners saw the value of their homes increase by 12.3%, adding $118,200 to the value of a median home. Seattle saw a 11.7% rise while Las Vegas homes gained 11.2%.
Inventory is the main driver of higher prices with a nationwide drop in supply of 11.7%, led by San Jose’s 60.4% decline in inventory and San Francisco and San Diego losing about a third of their supply.
"We are in the midst of an inventory crisis that shows no signs of waning, impacting potential buyers all across the country," said Zillow Chief Economist Dr. Svenja Gudell. "Home values are growing at a historically fast pace, and those potential buyers want to get in the market while they still can. But with homes gaining so much value in just one year, buyers – especially first-time buyers – have to set aside more and more money for a down payment just to keep up with them."
Rents were up 2.2% year-over-year to $1,432 in Zillow’s rent index.
It found that homes in more than half of metros increased their value by at least $10,000 with West Coast markets continuing to lead the rise. The median US home value in October was $203,400, up 6.5% from a year earlier.
In San Jose, CA homeowners saw the value of their homes increase by 12.3%, adding $118,200 to the value of a median home. Seattle saw a 11.7% rise while Las Vegas homes gained 11.2%.
Inventory is the main driver of higher prices with a nationwide drop in supply of 11.7%, led by San Jose’s 60.4% decline in inventory and San Francisco and San Diego losing about a third of their supply.
"We are in the midst of an inventory crisis that shows no signs of waning, impacting potential buyers all across the country," said Zillow Chief Economist Dr. Svenja Gudell. "Home values are growing at a historically fast pace, and those potential buyers want to get in the market while they still can. But with homes gaining so much value in just one year, buyers – especially first-time buyers – have to set aside more and more money for a down payment just to keep up with them."
Rents were up 2.2% year-over-year to $1,432 in Zillow’s rent index.
