Some metro areas still have momentum but demand has slowed so much that markets have already seen typical home values decline from where they were six months ago.analyzed typical home value data from Zillow Group Inc. to determine which markets, among the largest 100 metropolitan statistical areas, have seen either home values decline, or are now seeing the slowest rate of growth, in the past six months.
Inventory remains a major issue, though, even with pending home sales declining and fewer buyers in the market, Yun said. The national inventory of active listings increased by 26.9% in September 2022 compared to September 2021, according to Realtor.com, but active listings are lagging pre-pandemic levels, and growth has stalled over the previous month.
Salt Lake City, for example, saw its typical home values increase 49.7% between March 2020 and September 2022. Spokane, Washington's typical home values grew 52.5% in that same time period. Even when looking at one-year value changes, between September 2021 and 2022, most markets have seen double-digit home-value appreciation, speaking to how recently the broader housing cooldown has taken place., chief economist at Realtor.com, said in a recent interview with."Affordability calculations are changing for households, and they can't afford the same home that they could one year ago.