Home-values continued to rise in July, but at slower rate: Zillow

Median home values increased 8 percent year-over-year, to $218,000 in July, but in 20 of the 35 largest markets growth slowed modestly, according to a market analysis by Zillow released Thursday.

The slowdown was most prevalent in Seattle, Tampa, Sacramento, Calif., and Portland, Ore, the four hottest markets over the past year. In Seattle, home-value growth declined from 14.8 percent in June 2017 to 9.1 percent this July.

In Tampa, home-value growth slowed to 10.6 percent, while in Sacramento, and Portland, it clocked in at 5.7 percent.

Zillow says the slowdown is due to a slight uptick in inventory in 19 of the 35 largest markets, with the largest inventory gains happening in some of the most expensive markets, such as Seattle (+13.2%), San Jose (+46.2%), and San Diego (+36.3%).

How TorchX helps brokerages centralize and automate digital marketing for their agents

One platform to generate, convert and nurture real estate leads READ MORE

Nationwide, inventory remains low at 3.9 percent year-over-year, and Zillow this week projected it will be at least two years before the market favors buyers.

“Home values are still growing faster in most major markets than they did historically, one reason it’s too soon to call it a buyer’s market,” according to the report. “Lower-valued homes also continue brisk gains: Homes valued in the lower third nationally rose 10.9 percent in value year-over-year, while homes valued in the top third rose at less than half that, at 4.9 percent.”

Like the for-sale market, the rental market experienced slower rent growth compared to last year. In July, median rent grew 0.5 percent year-over-year to $1,440 per month, a 1.1 percent decrease from 2017. Seattle (-5%), Portland (-0.7%), and Kansas City (-1%) had the largest declines on an annualized basis.

Meanwhile, the median rent in Riverside, Calif. increased 4.6 percent year-over-year to $1,898 — the biggest increase among the 35 largest markets included in the analysis. Sacramento and Las Vegas trailed closely behind with increases of 4.4 percent and 3.2 percent, respectively.

Email Marian McPherson.

Home-values continued to rise in July, but at slower rate: Zillow curated from Inman – Real Estate News for Realtors and Brokers

Comments

Vacation rental company Vacasa buys Sterling Resorts

Vacation rental management tech startup Vacasa isn’t slowing down its ambitions to conquer the market: this week, it announced that it has purchased Sterling Resorts, a vacation management company on Florida’s Gulf Coast. Sterling has changed hands before: it was bought by Pacifica Companies in 2015 and currently manages 450 homes. Now it will become a part of Vacasa’s effort to expand its presence in vacation destinations such as northern Florida, where Sterling is based. At the time of this latest purchase, Sterling’s home inventory was down from 585 properties in 2015. Vacasa has raised more than $200 million since its launch ten years ago. Founder Eric Breon said he was motivated to start the company after struggling to find a satisfactory management solution for a cabin belonging to his wife’s family on the Washington coast. Now Vacasa seeks to provide rental property owners with “a seamless experience…through innovative technology and local staff,” that give them

In An Era Of WeWork, Co-Working Space NeueHouse Sits Above The Fray

NeueHouse CEO Josh Wyatt Seuss Moments In today’s cluttered co-working landscape, it can be hard for companies to makes themselves heard over the din. Elevated co-working space NeueHouse wants to create an unparalleled experience for creatives through elevated programming and outstanding design. NeueHouse describes itself as “ a private cultural and collaborative space for prominent creatives, artists and entrepreneurs,” with current locations in Los Angeles and New York. In November, following an announcement of $30 million in funding , the company announced Josh Wyatt as its new CEO. Wyatt is a veteran of the hospitality industry, having co-founded Generator in 2007, a chain of culture-focused hostels targeted at millennials, before moving on to Equinox to head the fitness brand’s hotel developments in New York City. Forbes interviewed Wyatt to talk about creativity, design, the gun threat incident at NeueHouse New York, and why he isn't phased by his "800 p

Could Ken Griffin's Penthouse Purchase Cost NYC Real Estate Buyers Millions?

'The Billionaire's Bunker' at 220 Central Park South is pictured on January 24, 2019, in New York - Hedge fund billionaire Ken Griffin has completed the purchase of a four-story penthouse in the building for $238 millionm- the most ever paid for a home in the US. The building is a residential skyscraper that is currently under construction. (Photo credit: TIMOTHY A. CLARY/AFP/Getty Images) Getty A 2014 bill that aims to impose an additional tax on part-time New York residents—dubbed the “pied-a-terre tax”—has risen from the dead, largely in thanks to the recent record-breaking Central Park penthouse purchase by billionaire Ken Griffin. Griffin, worth an estimated $11.7 billion and No. 45 on the Forbes 400 , reportedly bought the $238 million-dollar apartment “as a place to stay when he’s in town,” according to his representatives. The purchase drew widespread attention to the financial losses that part-time and foreign property owners can cause the city. Bec

Maureen Mengel Blog

Search This Blog