Updated home price analysis for over 3,000 counties

I hope this message finds you well. I wanted to update you on some recent developments in the U.S. housing market that might be of interest, especially if you're considering buying or selling anytime soon.

Table of Contents

• National Trends Overview

• Regional Differences

• Focus on Southwest Florida

• Positive Signs This Spring

• Analysis Tools and Metrics

• Looking Ahead

National Trends Overview

Following a significant rate shock in the latter half of 2022, we've seen U.S. home prices stabilize and even begin to climb modestly in early 2024. According to the latest Zillow Home Value Index, home prices have increased nationally by 4.4% year-over-year as of April 2024. This growth has been supported by a tight resale market and a noticeable absence of distressed properties.

Regional Differences

While the national picture shows modest growth, the story varies significantly by region. For instance, certain markets in the Northeast and Midwest have seen home price increases that go well beyond modest. Conversely, areas in Texas, Louisiana, and particularly Southwest Florida have experienced some softening in home prices over the past year. In Utah, some zip codes have seen year over year price declines, but overall prices seem to be slightly up from last year, with a modest 2.9% increase across the Salt Lake City metro area.

Focus on Southwest Florida

Southwest Florida, in particular, has witnessed an increase in inventory which has not led to price appreciation this spring, hinting at possible mild declines as we head into a seasonally softer market period later this year.

Positive Signs This Spring

Despite these variances, the majority of housing markets have enjoyed positive price appreciation this spring. Some regions, including parts of California, have even surpassed their 2022 price peaks, reflecting a robust recovery in these areas.

Analysis Tools and Metrics

The Zillow Home Value Index offers a broad view, assessing typical home values within the 35th to 65th percentile range, which represents the mid-market segment. It’s important to remember that within any market, shifts in home prices can vary widely by neighborhood, price tier, and home type. This is why you’ll see such a different story depending on the zip code. You’ll find home price shifts across America’s 50 largest metro areas listed below on a month over month basis, year-to-date, year over year, and even since the housing prices peaked nationally in 2022.

Looking Ahead

Keeping an eye on these trends can help us anticipate shifts in the market and plan accordingly, whether you're buying, selling, or simply keeping track of your property's value.

If you'd like to discuss how these trends might affect your real estate decisions, or if you need more detailed information about specific regions or market conditions, please feel free to reach out. I’m here to help you navigate through these changes and leverage opportunities in the current market.

Here to serve,