US Macro Updates

The One Stop Portal for US Macroeconomic Data. Simplified and Summarized!

We simplify and summarize key data so that you don’t have to spend hours reading confusing and long media releases. Read key economic releases and major events here in under 2 minutes. And we will explain the key takeaway for you. Stay informed and form a robust view on macroeconomic matters to aid your successful investment decisions

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7th Jul 2026

Zillow Housing Market Updates

Key takeaway: The Zillow® June 2026 Market Report, released July 7, offered a welcome bounce-back after May’s disappointment. Home sales climbed 9.2% from May and came in 5.9% above year-ago levels, reversing May’s annual decline, as mortgage costs fell further below last year’s levels — the typical monthly payment on a U.S. home stood at $1,884, down 2.5% year over year. New for-sale listings totaled 403,811, up 3% annually after falling in May, though active inventory nearly stalled — rising just 0.9% year over year to 1.39 million homes, the smallest annual gain since December 2023. A notable structural shift emerged at the lower end of the market: newly pending listings for the bottom 5% of homes by value rose 10.3% year over year — the first time since 2022 that tier led growth — while active inventory for the same cohort climbed 12.2% annually, putting downward pressure on entry-level prices. The ZHVI rose 0.7% month over month to $372,057, with home values 1.1% higher than a year earlier. Homes took a median of 20 days to go pending, unchanged year over year, and 25.8% of listings carried a price cut, down from 26.6% a year prior. On rentals, 39.7% of Zillow rental listings offered a concession in June, up from 35.2% a year earlier. Chief Economist Mischa Fisher captured the tone of the year well, noting that mortgage rates declining from their mid-spring peak has added some extra heat heading into summer, though the divergence in sale price trends is notably “k-shaped.”

Zillow Home Value Index

Zillow Jun Housing Report

4th Jun 2026

Key takeaway: The Zillow® May 2026 Market Report, released June 4, declared the housing recovery back on pause as rising mortgage rates weighed on both sellers and buyers. New listings — which have historically peaked in May or June — fell 0.8% month over month and were 4.1% lower than a year earlier, as sellers pulled back. Home sales rose 4.8% from April but declined 2.9% year over year. Active inventory continued its unbroken streak of annual growth — now 30 consecutive months — but the pace narrowed sharply to just 1% above last year, with 1.36 million homes for sale nationwide. The ZHVI edged up 0.6% month over month to $368,720, with home values just 0.8% higher than a year earlier, while the typical monthly mortgage payment climbed to $1,861 — up 1.1% from April as rates rose, though still 3.1% below year-ago levels. Homes took a median of 18 days to go pending, one day longer than in May 2025. On the rental side, 39.6% of Zillow rental listings offered a concession in May, up from 35.1% a year earlier. Zillow Group Chief Economist Mischa Fisher called the results “disappointing for those hanging on to hope of a stronger year for sales,” warning that inventory could flatline within four weeks — and that a June peak would be early on the calendar, potentially foreshadowing a softer second half.

Zillow Home Value Index

Zillow May Housing Report

6th May 2026
Key takeaway: The Zillow® April 2026 Market Report, released May 6, pointed to a stalling of the sales recovery that had taken hold in March, as a spike in mortgage rates pushed buyers back to the sidelines. The Zillow Home Value Index (ZHVI) rose 0.6% month over month and just 0.7% year over year — near-flat annual appreciation — while the typical monthly mortgage payment on a U.S. home stood at $1,829, still 3.4% lower than a year earlier despite the recent rate surge. For the first time in 2026, new listings grew more on an annual basis than home sales did: new for-sale listings climbed 2.1% year over year to 426,356, while closed sales slipped 0.4% to roughly 323,600 — the supply side outrunning demand in a single month. Active inventory rose 3.7% year over year to 1.3 million homes, up 5.8% from March, a continued loosening even as the pace of inventory growth has moderated. Beneath the weaker closed-sales headline, however, the demand picture was more nuanced: newly pending listings — a leading indicator of contract signings — grew 7.1% year over year and 5.6% from March, suggesting that buyers have not entirely retreated but are moving more deliberately. Homes took a median of 17 days to go pending — one day longer than a year earlier — and the share of listings with a price cut held at 23.5%, down 1 percentage point year over year, with sellers showing continued restraint on price reductions despite the softer demand environment. On the rental side, the Zillow Observed Rent Index edged up 1.9% year over year to $1,930, while the share of rental listings offering concessions rose 5 percentage points to 39.8% — a sign that rental market softening is still broadening. Zillow Group Chief Economist Mischa Fisher noted that slightly friendlier buyer conditions point to the potential for a quick rebound if rates drift back toward the 6% range, though with Fannie Mae projecting the 30-year fixed to hold at 6.1–6.3% through end-2027, the pace of any such recovery remains closely tied to how much relief the rate environment can actually deliver.

Zillow Home Value Index

Zillow Apr Housing Report

6th Apr 2026
Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. After peaking in early 2025, mortgage rates declined through the rest of 2025, but have since crept back up as the Iran war drove energy prices higher and pushed yields up. Residential real estate market activity remains subdued relative to historical norms, though there are early signs that pent-up demand built over three years of low sales volumes is beginning to release as the spring home buying season gets underway. Inventory has gradually risen for 28 consecutive months on an annual basis. However, activity and affordability remain constrained.*

– The Zillow Home Value Index (ZHVI) rose 0.6% month-on-month in March to a typical US home value of $365,545, up 0.8% from a year earlier — a slight acceleration from February’s 0.4% annual growth rate. Despite the modest price gains, affordability has actually improved on a year-on-year basis, with the typical monthly mortgage payment of $1,789 (assuming 20% down payment, excluding taxes and insurance) still 4.4% lower than a year ago, reflecting the benefit of earlier mortgage rate declines. Price trends however remain sharply divergent across markets — Northeast and Midwest metros such as New York (+4.4%), Chicago (+4.5%), Milwaukee (+5.7%) and Hartford (+5.3%) continue to see solid appreciation, while Sun Belt markets like Austin (-5.9%), Dallas (-3.3%), Tampa (-3.4%) and Miami (-3.1%) remain in negative territory on an annual basis.
– Demand picked up strongly as home buying season got underway. Newly pending listings rose to 281,546 in March — the second highest monthly total since August 2022 — with both the 4.6% year-on-year increase and the 29.8% month-on-month increase representing the highest for any March in the past five years. Approximately 300,398 homes were sold in March, 3.7% higher year-on-year and up 25.2% from February. Average daily page views per for-sale listing on Zillow were 32% higher than a year earlier, a strong demand signal. Homes took a median of 19 days to go pending — two days longer than a year earlier but nine days shorter than February.
– Inventory continued to gradually improve. There were 1.23 million homes for sale nationwide in March, up 4.2% year-on-year and 9.5% higher than February. New listings totalled 384,854, up 35.6% from February and essentially flat (+0.1%) year-on-year — marking an improvement from January and February when new listings were below prior-year levels. Even with recent increases, inventory still remains well below pre-pandemic averages, which continues to put a floor under prices.
– The rental market continues to cool. The typical national rent, as measured by the Zillow Observed Rent Index (ZORI), stood at $1,910, up 1.8% year-on-year and 0.6% from February. Rent growth has been gradually decelerating from the 3-4% range seen in 2025, reflecting rising apartment supply. Approximately 39.8% of rental listings on Zillow offered a concession in March, essentially flat year-on-year. The continued moderation in rent growth is a constructive development for inflation — particularly the shelter component of CPI — though the pace of cooling has remained slower than initially expected in official inflation measures.

Zillow Home Value Index

Zillow Mar Housing Report

4th Mar 2026

The latest housing market report released by Zillow showed that the typical value of a US home increased by 0.1% in February to $361,371, marking the first monthly increase in seven months, while home values were 0.4% higher than a year earlier. Zillow estimates that 239,910 homes were sold in February, representing an increase of 1.8% compared with a year earlier, although sales activity remained subdued relative to historical norms. Meanwhile, the number of homes listed for sale increased to around 1.12 million, roughly 5% higher than a year earlier, indicating that inventory conditions have continued to improve gradually. However, new listings declined by around 3% year-over-year, suggesting that supply conditions remain somewhat constrained. Taken together, the latest data suggests that US housing market conditions stabilised during February, with modest improvements in both home values and inventory levels.
The rental market also continues to cool. The typical national rent, as measured by the Zillow Observed Rent Index (ZORI), stood at about $1,895, up only ~2% year-on-year and essentially flat month-to-month. This moderation in rent growth reflects rising apartment supply and higher vacancy rates, which are gradually shifting bargaining power back toward renters after the sharp rent increases seen during the pandemic period

Zillow Home Value Index

Zillow Feb Housing Report

4th Feb 2026

The typical US home price moved slightly lower to $358K in January. Home price appreciation has cooled substantially since the highs of 2021 and 2022. On a national median basis, there hasn’t been much price appreciation since mid 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market. Also, it is key to note that price trends vary across regions. For instance, markets that were hot post the pandemic like Florida, Texas and California have witnessed a substantial cooling in prices compared to the North East.
New listings decreased 5.5% y-o-y in January. There were 1.1 mn homes for sale in January. Even with recent increases, inventory remains lower compared to pre-pandemic averages.
On a year on year basis, the ZORI Index was at +2.0%. This figure has been gradually decreasing over the past 3 years. It is also lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past 12-15 months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow Jan Housing Report

18th Dec 2026

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. Rates had been very volatile post the Liberation day tariff announcements, but have settled at considerably higher levels now. Residential Real estate market activity remains subdued as home affordability remains as issue and mortgage rates still remain significantly higher compared to pre-pandemic levels. More sellers are however coming to the market as they get used to a higher interest rate regime, non-monetary or “life situations” force them to move homes and as pandemic era savings dwindle. The market has gradually shifted from a sellers market to a more balanced market, if not an outright buyers market. However, high mortgage rates and unaffordability are the the key hurdles, especially for first time buyers.

The typical US home price moved slightly lower to $361K in November from $362K in the previous month of October. Home price appreciation has cooled substantially since the highs of 2021 and 2022. On a national median basis, there hasn’t been much price appreciation since mid 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market. Also, it is key to note that price trends vary across regions. For instance, markets that were hot post the pandemic like Florida, Texas and California have witnessed a substantial cooling in prices compared to the North East.
New listings decreased sharply by 30% m-o-m in October. On a y-o-y basis, new listings decreased 4.0%. After an unusually warm fall season, we are back to seasonal norms of sharp drops in new listings as winter progressed. Even with recent increases, inventory remains lower compared to pre-pandemic averages. New listings are 16% lower than pre-pandemic levels. Over the past 1-2 years, more sellers have been willing to list their houses for sale. However, in recent months, that trend seems to have taken a break. Sellers are getting frustrated with the lack of activity in the existing homes market and the pace of new listings has started to decrease. However, both September and October were exceptions with unusually higher sellers listing their homes for sale. However, sellers hunkered down once again in November. Total inventory nationally decreased by 8% from last month. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~17% lower compared to pre-pandemic levels in November). Attractive listings hence still find interest with buyers which keeps a floor on prices in the market.
On a year on year basis, the ZORI Index held steady at +2.2%. This is lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past 9-12 months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow Nov Housing Report

19th Nov 2025

The typical US home price moved slightly lower to $362K in October from $365K in the previous month of September. Home price appreciation has cooled substantially since the highs of 2021 and 2022. On a national median basis, there hasn’t been much price appreciation since mid 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market. Also, it is key to note that price trends vary across regions. For instance, markets that were hot post the pandemic like Florida, Texas and California have witnessed a substantial cooling in prices compared to the North East.
New listings increased 0.3% m-o-m in October. On a y-o-y basis, new listings increased 5.0%. Even with recent increases, inventory remains lower compared to pre-pandemic averages. New listings are 11% lower than pre-pandemic levels. Over the past 1-2 years, more sellers have been willing to list their houses for sale. However, in recent months, that trend seems to have taken a break. Sellers are getting frustrated with the lack of activity in the existing homes market and the pace of new listings has started to decrease. However, both September and October were exceptions with unusually higher sellers listing their homes for sale. Sellers reemerged in October after a sluggish summer, taking advantage of stronger demand and enjoying increased affordability themselves if they purchased another home. Total inventory nationally decreased by 0.4% from last month and increased by 13% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~17% lower compared to pre-pandemic levels in August). Attractive listings hence still find interest with buyers which keeps a floor on prices in the market.
On a year on year basis, the ZORI Index held steady at +2.3%. This is lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past 6-9 months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow Oct Housing Report

20th Oct 2025

The typical US home price held mostly steady a US$365K in September from the previous month of August. Home price appreciation has cooled substantially since the highs of 2021 and 2022. On a national median basis, there hasn’t been much price appreciation since mid 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 2.0% m-o-m in September. On a y-o-y basis, new listings increased 3.3%. Even with recent increases, inventory remains lower compared to pre-pandemic averages. New listings are 12% lower than pre-pandemic levels. Over the past 1-2 years, more sellers have been willing to list their houses for sale. However, over the past couple of months, that trend seems to have taken a break. Sellers are getting frustrated with the lack of activity in the existing homes market and the pace of new listings has started to decrease. September was an exception with unusually higher sellers listing their homes for sale. Total inventory nationally decreased by 1.0% from last month and increased by 14% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~18% lower compared to pre-pandemic levels in August). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index fell slightly to +2.3%. This is lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past 6-9 months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow Sep Housing Report

16th Sep 2025

The typical US home price held mostly steady a US$364K in August from the previous month of July. Home price appreciation has cooled substantially since the highs of 2021 and 2022. On a national median basis, there hasn’t been much price appreciation since mid 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 7.3% m-o-m in August. On a y-o-y basis, new listings decreased 3.0%. Even with recent increases, inventory remains lower compared to pre-pandemic averages. New listings are 22% lower than pre-pandemic levels. Over the past 1-2 years, more sellers have been willing to list their houses for sale. However, over the past couple of months, that trend seems to have taken a break. Sellers are getting frustrated with the lack of activity in the existing homes market and the pace of new listings has started to decrease. Total inventory nationally decreased by 1.3% from last month and increased by 15% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~20% lower compared to pre-pandemic levels in August). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index fell slightly to +2.4%. This is lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past 6-9 months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow Aug Housing Report

16th Sep 2025

The typical US home price held mostly steady a US$367K in July from the previous month of June. Home price appreciation has cooled substantially since the highs of 2021 and 2022. On a national median basis, there hasn’t been much price appreciation since mid 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 4.3% m-o-m in July. On a y-o-y basis, New listings increased 5.3% y-o-y. Even with recent increases, inventory remains lower compared to pre-pandemic averages. New listings are 21% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 0.2% from last month and increased by 18% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~19% lower compared to pre-pandemic levels in July). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index fell slightly to +2.6%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow July Housing Report

17th Jul 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. Rates had been very volatile post the Liberation day tariff announcements, but have settled at considerably higher levels now. Residential Real estate market activity remains subdued as home affordability remains as issue and mortgage rates still remain significantly higher compared to pre-pandemic levels. More sellers are however coming to the market as they get used to a higher interest rate regime, non-monetary or “life situations” force them to move homes and as pandemic era savings dwindle. The market has gradually shifted from a sellers market to a more balance market, if not an outright buyers market. However, high mortgage rates and unaffordability are the the key hurdles, especially for first time buyers.

The typical US home price increased slightly to US$367K in June from $366K in May. Home price appreciation has cooled substantially since the highs of 2021 and 2022. On a national median basis, there hasn’t been much price appreciation since mid 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 10.9% m-o-m in June. On a y-o-y basis, New listings increased 1.4% y-o-y. Even with recent increases, inventory remains lower compared to pre-pandemic averages. New listings are 24% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 2.3% from last month and increased by 17% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~21% lower compared to pre-pandemic levels in May). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index fell slightly to +2.9%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow Jun Housing Report

16th Jun 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. Rates have been super volatile post the Liberation day tariff announcements, but have settled at considerably higher levels. Real estate market activity remains subdued as home affordability remains as issue and mortgage rates still remain significantly higher compared to pre-pandemic levels. More sellers are however coming to the market as they get used to a higher interest rate regime, non-monetary or “life situations” force them to move homes and as pandemic era savings dwindle. The market is gradually shifting from a sellers market to a buyers market.

The typical US home price increased slightly at US$366K in May from $365K in April. Home price appreciation has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings increased 4.8% m-o-m in May. On a y-o-y basis, New listings increased 4.5% y-o-y. Even with the increase, inventory remains lower compared to pre-pandemic averages. New listings are 19% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 7% from last month and increased by 19% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~21% lower compared to pre-pandemic levels in May). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.2%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow May Housing Report

15th May 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. Rates have been super volatile post the Liberation day tariff announcements, but have settled at considerably higher levels. Real estate market activity remains subdued as home affordability remains as issue and mortgage rates still remain significantly higher compared to pre-pandemic levels. More sellers are however coming to the market as they get used to a higher interest rate regime, non-monetary or “life situations” force them to move homes and as pandemic era savings dwindle. The market is gradually shifting from a sellers market to a buyers market.

The typical US home price increased slightly at US$365K in April from $359K in March. Home price appreciation has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings increased 10% m-o-m in April. On a y-o-y basis, New listings increased 7.6% y-o-y. Even with the increase, inventory remains lower compared to pre-pandemic averages. New listings are 23% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 7% from last month and increased by 19% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~24% lower compared to pre-pandemic levels in April). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.4%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow April Housing Report

17th Apr 2023

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. Rates peaked in the euphoria post the November Presidential election. Finally, rates have been super volatile and up and down in the aftermath of Liberation Day on 4th April. Overall real estate market activity remains subdued as home affordability remains as issue and mortgage rates still remain high compared to pre-pandemic levels. More sellers are however coming to the market as they get used to a higher interest rate regime, non-monetary or “life considerations” force them to move homes and as pandemic era savings dwindle. The market is gradually shifting from a sellers market to a buyers market.

The typical US home price increased slightly at US$359K in March from $357K in February. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings increased 31% m-o-m in March. On a y-o-y basis, New listings increased 8.5% y-o-y. Even with the increase, inventory remains lower compared to pre-pandemic averages. New listings are 19% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 10% from last month and increased by 19% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~24% lower compared to pre-pandemic levels in March). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.5%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in rents has not been as sharp in the CPI. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow March Housing Report

17th Mar 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. Overall real estate market activity remains subdued as home affordability remains as issue and mortgage rates still remain high compared to pre-pandemic levels. More sellers are however coming to the market as they get used to a higher interest rate regime, non-monetary or “life considerations” force them to move homes and as pandemic era savings dwindle. The market is gradually shifting from a sellers market to a buyers market.

The typical US home price was mostly unchanged at US$357K in February. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings increased 2.8% m-o-m in February. On a y-o-y basis, New listings decreased 4.7% y-o-y. Even with the increase, inventory remains lower compared to pre-pandemic averages. New listings are 21% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 1.4% from last month and increased by 15% y-o-y. Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~26% lower compared to pre-pandemic levels in February). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.5%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in CPI has not been as sharp in the CPI. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow February Housing Report

12th Feb 2025

The typical US home price was mostly unchanged at US$357K in January. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings increased 60% m-o-m in January. That was significantly higher than seasonal trends. On a y-o-y basis, New listings increased 11% y-o-y. Even with the increase, inventory remains lower compared to pre-pandemic averages. New listings are 16% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 2% from last month and increased by 17% y-o-y.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~26% lower compared to pre-pandemic levels in December). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.5%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in CPI has not been as sharp in the CPI. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

Zillow Home Value Index

Zillow Housing Reports

22nd Jan 2025

The typical US home price was mostly unchanged at US$358K in December. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 30.9% m-o-m in December in line with seasonality and decreased 0.4% y-o-y. Inventory remains lower compared to pre-pandemic averages. New listings are 14.8% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally decreased by 10.0% m-o-m but was up by 16.8% y-o-y.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~25% lower compared to pre-pandemic levels in December). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.4%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in CPI has not been seen yet. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit. However, continued cooling in the housing component is necessary to see CPI and PCE achieve 2% target levels.

15th Nov 2024

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. However, with the sharp pull back in treasury yields towards the end of 2023 and then again in 2H 2024, mortgage rates are substantially lower than their 2023 peak levels. However, overall real estate market activity remains subdued as home affordability remains as issue and mortgage rates still remain high compared to pre-pandemic levels. More sellers are however coming to the market as they get used to a higher interest rate regime and as pandemic era savings dwindle. The market is gradually shifting from a sellers market to a buyers market.

The typical US home price was mostly unchanged at US$360K in October. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 1.6% m-o-m in October and decreased 2.0% y-o-y. Inventory remains lower compared to pre-pandemic averages. New listings are 17.7% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally decreased by 0.05% m-o-m but was up by 18.5% y-o-y.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~27% lower compared to pre-pandemic levels in October). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.3%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in CPI has not been seen yet. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit.

15th Oct 2024

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. However, with the sharp pull back in treasury yields towards the end of 2023 and then again in 2H 2024, mortgage rates are substantially lower than their recent peaks. However, overall real estate market activity remains subdued as home affordability remains as issue. More sellers are however coming to the market as they get used to a higher interest rate regime and as pandemic era savings dwindle. The market is gradually shifting from a sellers market to a buyers market.

The typical US home price was mostly unchanged at US$360.K in September. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 8.3% m-o-m in September and decreased 1.2% y-o-y. Inventory remains lower compared to pre-pandemic averages. New listings are 17% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally decreased by 0.2% m-o-m but was up by 22% y-o-y.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~30% lower compared to pre-pandemic levels in September). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.3%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in CPI has not been seen yet. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit.

12th Sep 2024

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially in through most of 2023. However, with the sharp pull back in treasury yields towards the end of 2023 and then again in 2H 2024, mortgage rates are substantially lower than their recent peaks. However, overall real estate market activity remains subdued as home affordability remains as issue. More sellers are however coming to the market as they get used to a higher interest rate regime and as pandemic era savings dwindle. The market is gradually shifting from a sellers market to a buyers market.

The typical US home price was mostly unchanged at US$362.1K in August. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 1.1% m-o-m in August and increased 0.8% y-o-y. Inventory remains lower compared to pre-pandemic averages. New listings are 21% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 0.2% m-o-m and by 22% y-o-y.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~30% lower compared to pre-pandemic levels in August). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.4%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in CPI has not been seen yet. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit.

Zillow Home Value Index

Zillow Housing Reports

16th Jul 2024

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance! Mortgage rates had spiked substantially in through most of 2023. However, with the sharp pull back in treasury yields towards the end of the year, mortgage rates came down substantially. US Residential real estate activity has continued to be fairly resilient in 2023 and in early 2024 as well, especially in the new homes segment. One of the most important aspects of the US residential market in 2024 is the gradual increase in new listings and inventory which is bringing balance back to the market.

The typical US home price increased 0.6% m-o-m to US$362.4K in June. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
New listings decreased 9.2% m-o-m in June and by 0.1% y-o-y. Inventory remains lower compared to pre-pandemic averages. New listings are 25% lower than pre-pandemic levels. However, sellers are gradually more willing to list their houses for sale. Total inventory nationally increased by 4% m-o-m and by 23% y-o-y.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~32% lower compared to pre-pandemic levels in June). Attractive listings hence still find interest with buyers which keeps a floor in the market.
On a year on year basis, the ZORI Index held steady at about 3.5%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, that corresponding decrease in CPI has not been seen yet. In the past few months though, we have finally started to see the shelter component of the CPI cool off a bit.

Zillow Home Value Index

Zillow Housing Reports

15th May 2024

The typical US home price increased 1.2% m-o-m to US$359.4K in April. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
Similarly, even though the lack of new listings continues to dominate as the key theme in the US residential market, the situation seems to be continually improving as more sellers get willing to list their houses for sale. New listings increased 10.8% m-o-m in April and by 15.5% y-o-y. Inventory remains lower compared to pre-pandemic averages. However, the expectation is that sellers will be more willing to accept the fact that higher rates are here to stay and hence willing to list their houses for sale. Total inventory nationally increased by 18% compared to last April.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages (~36% lower compared to pre-pandemic levels in April). Attractive listings hence still find interest with buyers which keeps a floor in the market. According to the Zillow report, attractive listings are still going under contract in under a month.
On a year on year basis, the ZORI Index held steady at about 3.6%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Shelter inflation in the CPI continues to remain around 5 to 6%.

Zillow Home Value Index

Zillow Housing Reports

12th Apr 2024

The typical US home price increased 1.1% m-o-m to US$355.6K in March. The pace in home price increases has cooled substantially since the highs of 2021 and 2022. However, the typical home price level is now 40-50% above the pre-pandemic level. Nonetheless the cooling in price appreciation is the most important point to note since it is also a critical element of maintaining a balance in the US housing market.
Similarly, even though the lack of new listings continues to dominate as the key theme in the US residential market, the situation seems to be continually improving as more sellers get willing to list their houses for sale. New listings increased 15.5% m-o-m in March. However, this was a significant deceleration from the New Listings increase seen in February. Inventory remains lower compared to pre-pandemic averages. However, the expectation is that sellers will be more willing to accept the fact that higher rates are here to stay and hence willing to list their houses for sale. Total inventory nationally increased by 12% compared to last March.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages. Attractive listings hence still find interest with buyers which keeps a floor in the market. According to the Zillow report, attractive listings are still going under contract in under a month. For instance attractive listings that sold in March stayed on the market just for 13 days before going under contract. While that is slower than 2021 or 2022, it is still faster than the pre-pandemic average. Median age of all listings on Zillow was 43 days.
On a year on year basis, the ZORI Index held steady at about 3.6%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Shelter inflation in the CPI continues to remain around 5 to 6%.

Zillow Home Value Index

Zillow Housing Reports

11th Mar 2024

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance! Mortgage rates had spiked substantially in through most of 2023. However, with the sharp pull back in treasury yields towards the end of the year, mortgage rates have come down substantially. US Residential real estate activity has continued to be fairly resilient in 2023, especially in the new homes segment.

The typical US home price increased 0.3% m-o-m to US$349K in February. Over the past few months, the typical home price has been falling on a m-o-m basis compared to the consistent rise that we saw through most of 2023. The typical home price increased marginally in February. However with supply gradually returning to the market, the expectation is for prices to hold or continue to gradually soften.
Similarly, even though the lack of new listings continues to dominate as the key theme in the US residential market, the situation seems to be continually improving as more sellers get willing to list their houses for sale. New listings increased 20.4% m-o-m in February. However, even this huge increase, is lower compared to pre-pandemic averages. However, on balance, Sellers seem more willing to accept the fact that higher rates are here to stay and more willing to list their houses for sale. Total inventory nationally increased by 12% compared to last February.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages. Attractive listings hence still find interest with buyers which keeps a floor in the market. According to the Zillow report, attractive listings are still going under contract in under a month. For instance attractive listings that sold in February stayed on the market just for 17 days before going under contract. However, the average time on Zillow for all homes was 53 days.
On a year on year basis, the ZORI Index held steady at about 3.5%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Even the latest January CPI report shows shelter costs increasing at a 7.2% annual rate. Any rise up in rental costs will keep CPI elevated through the medium term and consequently interest rates will remain higher.

Zillow Home Value Index

Zillow Housing Reports

14th Feb 2024

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance! Mortgage rates had spiked substantially in through most of 2023. However, with the sharp pull back in treasury yields towards the end of the year, mortgage rates have come down substantially. US Residential real estate activity has continued to be fairly resilient in 2023, especially in the new homes segment.

The typical US home price decreased 0.4% m-o-m to US$344K in January. While the typical home price is still higher when compared to the same period last year, the m-o-m decline is still noteworthy. The typical home price measured in the Zillow Home Value Index has been falling on a m-o-m basis since September 2023. While a monthly decline is normal for this time of the year, the decline is also faster than pre-pandemic seasonal norms. As more sellers get used to the new normal and break free from “rate-lock” the overall market balance is turning more favourable for the buyers.
Similarly, even though the lack of new listings continues to dominate as the key theme in the US residential market, the situation seems to be continually improving as more sellers get willing to list their houses for sale. New listings increased 43.5% m-o-m from December to January. However, even this huge increase, is lower compared to pre-pandemic averages. For instance new listings rose 66% monthly in January 2019. However, on the balance, Sellers seem more willing to accept the fact that higher rates are here to stay and more willing to list their houses for sale. Total inventory nationally increased by 1.5% from December. However, once again, when compared to the year before, total inventory is slightly higher (+3.2%).
Even though inventory is improving slightly, it still remains well below pre-pandemic averages. Attractive listings hence still find interest with buyers which keeps a floor in the market. Listings are still going under contract in about 1 month – 50% faster than pre-pandemic norms.
On a year on year basis, the ZORI Index held steady at about 3.4%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Even the latest January CPI report shows shelter costs increasing at a 7.2% annual rate. Any rise up in rental costs will keep CPI elevated through the medium term and consequently interest rates will remain higher.

Zillow Home Value Index

Zillow Housing Reports

10th Jan 2024

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance! Mortgage rates had spiked substantially in through most of 2023. However, with the sharp pull back in treasury yields towards the end of the year, mortgage rates have come down substantially. US Residential real estate activity has continued to be fairly resilient in 2023, especially in the new homes segment.

The typical US home price decreased 0.6% m-o-m to US$344K in December. While the typical home price is still higher when compared to the same period last year, the m-o-m decline is still noteworthy. The decline also accelerated from 0.1% in September to 0.3% in October, 0.4% in November and now 0.6% in December. While a monthly decline is normal for this time of the year, the decline is also faster than pre-pandemic seasonal norms. As more sellers get used to the new normal and break free from “rate-lock” the overall market balance is turning more favourable for the buyers.
Similarly, even though the lack of new listings continues to dominate as the key theme in the US residential market, the situation seems to be continually improving as more sellers get willing to list their houses for sale. New listing fell 30% m-o-m from November to December. However, similar to other data points, the latest prints point to a slight improvement in listing and inventory trends. For instance, new listings in December were 2.1% higher than December last year. Sellers seem more willing to accept the fact that higher rates are here to stay and more willing to list their houses for sale. Total inventory nationally decreased by 9.7% from November. However, once again, when compared to the year before, total inventory is mostly in line with 2022 December numbers.
Even though inventory is improving slightly, it still remains well below pre-pandemic averages. Attractive listings hence still find interest with buyers which keeps a floor in the market. Listings are still going under contract in about 1 month – 50% faster than pre-pandemic norms.
Nationally, rents decreased slightly 0.2% in December from November. However, on a year on year basis, the ZORI Index held steady at about 3.3%. This is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Even the latest November CPI report shows shelter costs increasing at a 6.2% annual rate. Any rise up in rental costs will keep CPI elevated through the medium term and consequently interest rates will remain higher.

Zillow Home Value Index

Zillow Housing Reports

11th Dec 2023

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance! Mortgage rates have spiked substantially in recent weeks and months. US Residential real estate activity had shown signs of bottoming in the first half of 2023. However, with mortgage rates touching 8%, the outlook seem much worse now.

The typical US home price decreased 0.4% m-o-m in November. While the typical home price is still higher when compared to the same period last year, the m-o-m decline is still noteworthy. The decline also accelerated from 0.1% in September to 0.3% in October and now 0.4% in November. The decline is also faster than pre-pandemic seasonal norms. This data point also echoes some of the other recent indicators of the US residential real estate market which show a slow down in activity compared to the first half of 2023.
The lack of new listings continues to dominate as the key theme in the US residential market. New listing fell 20.5% m-o-m from October to November. However, similar to other data points, the latest prints point to a slight improvement in listing and inventory trends. For instance, new listings in November were 3.1% higher than November last year. Sellers seem more willing to accept the fact that higher rates are here to stay and more willing to list their houses for sale. Total inventory nationally decreased by 5.3% from October and 2% from November last year
Pending home sales was 4.6% lower than November last year. Similar to other indicators it will be key to track if pending home sales fall substantially through the rest of 2023 and early 2024. Even though inventory is improving slightly, it still remains well below pre-pandemic averages. Attractive listings hence still find interest with buyers which keeps a floor in the market.
Nationally, rents decreased 0.2% in November from October. However, on a year on year basis, the ZORI Index climbed once again – 3.2% in October and 3.3% in November. While this is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards, the increase is concerning. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Even the latest November CPI report shows shelter costs increasing at a 6.5% annual rate. Any rise up in rental costs will keep CPI elevated through the medium term and consequently interest rates will remain higher.

Zillow Home Value Index

Zillow Housing Reports

13th Nov 2023

The typical US home price decreased 0.3% m-o-m in October. While the typical home price is still higher when compared to the same period last year, the m-o-m decline is still noteworthy. The decline also accelerated from 0.1% in September to 0.3% in October. The decline is also faster than pre-pandemic seasonal norms. This data point also echoes some of the other recent indicators of the US residential real estate market which show a slow down in activity compared to the first half of 2023.
The lack of new listings continues to dominate as the key theme in the US residential market. New listing fell 4.7% m-o-m from September to October. However, similar to other data points, the latest prints point to a slight improvement in listing and inventory trends. Sellers seem more willing to accept the fact that higher rates are here to stay and more willing to list their houses for sale. Despite fewer homes listed for sale, total inventory climbed 2.6% nationally
Pending home sales was 5.3% lower than October last year. Similar to other indicators it will be key to track if pending home sales fall substantially through the rest of 2023 and early 2024. Even though inventory is improving slightly, it still remains well below pre-pandemic averages. Attractive listings hence still find interest with buyers which keeps a floor in the market.
Nationally, rents decreased 0.1% in October from September. However, one year on year basis, the ZORI Index climbed for the first times since the peak in Feb 2022 (3.2%). While this is still lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards, the increase is concerning. The lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Even the latest September CPI report shows shelter costs increasing at a 6-7% annual rate. Any rise up in rental costs will keep CPI elevated through the medium term and consequently interest rates will remain higher.

Zillow Home Value Index

Zillow Housing Reports

12th Oct 2023

The typical US home price decreased 0.1% from August to September. While the quantum of decrease is quite marginal, it is key to note that this is the first decrease since February 2023. This data point also echoes some of the other recent indicators on the US residential real estate market which show a slow down in activity compared to the first half of 2023.
The lack of new listings continues to dominate as the key theme in the US residential market. New listing fell 6.4% m-o-m from August to September. The level also remains substantially below pre-pandemic averages
Pending home sales was 14.8% lower than September last year. Similar to other indicators it will be key to track if pending home sales continue to fall substantially through the rest of 2023 and early 2024
Nationally, rents climbed 0.2% in September from August . This was slightly higher than the average monthly gain in this time of the year. Annual rent growth decelerated to 3.2% in August. This is lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. This lower rent inflation was expected to start reflecting in the CPI from mid 2023. However, it has still not started featuring in CPI data. Even the latest September CPI report shows shelter costs increasing at a 6-7% annual rate.

Zillow Home Value Index

Zillow Housing Reports

12th Sep 2023

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance! Even though mortgage rates have risen by mammoth proportions, US Residential Housing seems to have found a bottom and even turned a corner. There are 2 aspects to be considered in this connection – First, that it is very positive for the economy overall. However, on the other hand, it can still keep pressure on inflation via second order effect through rental inflation!

The typical US home price once again increased in August, however, at a slower pace of 0.2% compared to the +1.4% in June and +1.4% in May and +0.9% in July). While an increase in home prices on a m-o-m basis is expected for the usual summer buying season, the recent increases are worth taking note of. After a 6-month streak of falling prices m-o-m from Aug 2022 to Jan 2023, August is the seventh month in a row when the typical home value has climbed on a m-o-m basis. There is a lot riding on the Shelter component of CPI coming down rapidly in the second half of 2023. A resilient real estate market makes that story a bit more difficult. However, there seem to be some signs of a slowdown in activity once again.
The lack of new listings continues to dominate as the key theme in the US residential market. However, there was a bit of an upswing in new listings in August (+4.0% m-o-m compared to July). However, new listings in August (349K) still remain lower compared to last year.
Pending home sales was 18.9% lower than August last year. This data point also accelerated a bit further from July (14.0%) and it will be key to track if pending listings continue to fall further and dampen volume in the home sales market.
Nationally, rents climbed 0.3% in August from July . This was slightly higher than the average monthly gain in this time of the year. Annual rent growth decelerated to 3.3% in August. This is lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. This lower rent inflation is expected to start reflecting in the CPI from mid 2023. However, given the huge reliance of falling rents eventually showing up in the official CPI measure, any substantial increase in rents – even though usual for this time of the year – is a cause of concern.

Zillow Home Value Index

Zillow Housing Reports

9th Aug 2023

The typical US home price once again increased in July, however, at a slightly slower pace of 0.9% compared to the +1.4% in June and +1.4% in May). While an increase in home prices on a m-o-m basis is expected for the usual summer buying season, the recent increases are worth taking note of. After a 6-month streak of falling prices m-o-m from Aug 2022 to Jan 2023, July is the sixth month in a row when the typical home value has climbed on a m-o-m basis. There is a lot riding on the Shelter component of CPI coming down rapidly in the second half of 2023. A resilient real estate market makes that story a bit more difficult. The typical home value now sits at an all-time high ($349,679), which is 1.4% higher than last July. After June’s 0.8% year-over-year growth, this marks the first acceleration in annual growth since April 2022, ending a 16-month streak of decelerating annual price gains.
The lack of new listings continues to dominate as the key theme in the US residential market. There were 26% lower new listings in July compared to the same month last year. New listings added in June were approx 336K compared to a pre-pandemic average of approx. 473K.
Pending home sales was 14.5% lower than July last year. This data point best expresses the unique situation in the US Residential Market. While pending listings have fallen, they have fallen far lower than inventory levels or new listings. Buyers are still continuing to purchase homes.
Nationally, rents climbed 0.5% in July from June . This was slightly higher than the average monthly gain in this time of the year. Annual rent growth decelerated to 3.6% in July. This is lower than the 7-10% annualized shelter inflation rate in the CPI seen 2022 onwards. This lower rent inflation is expected to start reflecting in the CPI from mid 2023. However, given the huge reliance of falling rents eventually showing up in the official CPI measure, any substantial increase in rents – even though usual for this time of the year – is a cause of concern.

Zillow Home Value Index

Zillow Housing Reports

11th Jul 2023

The typical US home price once again increased +1.4% m-o-m in June (similar to the 1.4% increase in May). While an increase in home prices on a m-o-m basis is expected for the usual summer buying season, an increase as large as 1.4% is worth taking note of. After a 6-month streak of falling prices m-o-m from Aug 2022 to Jan 2023, June is the fifth month in a row when the typical home value has climbed on a m-o-m basis. There is a lot riding on the Shelter component of CPI coming down rapidly in the second half of 2023. A resilient real estate market makes that story a bit more difficult.
The lack of new listings continues to dominate as the key theme in the US residential market. There were 28% lower new listings in June compared to the same month last year. New listings added in June were approx 376K compared to a pre-pandemic average of approx 500K.
Pending home sales was at 279K in June 2023 – slightly lower than May. Buyers are still opportunistically taking advantage of drops in mortgage rates to execute purchases.
Nationally, rents climbed 0.6% in June from May . This is comparable to the average monthly gain in this time of the year. Annual rent growth decelerated to 4.1% in June. This is lower than the 7-10% annualized shelter inflation rate in the CPI 2022 onwards. This lower rent inflation is expected to start reflecting in the CPI from mid 2023. However, given the huge reliance of falling rents eventually showing up in the official CPI measure, any substantial increase in rents – even though usual for this time of the year – is a cause of concern.

Zillow Home Value Index

Zillow Housing Reports

8th Jun 2023

The typical US home price increased (1.4%) in May from April. While an increase in home prices on a m-o-m basis is expected for the usual summer buying season, an increase as large as 1.4% is worth taking note of. After a 6-month streak of falling prices m-o-m from Aug 2022 to Jan 2023, May is a fourth month in a row when the typical home value has climbed on a m-o-m basis. There is a lot riding on the Shelter component of CPI coming down rapidly in the second half of 2023. A resilient real estate market makes that story a bit more difficult.
Pending home sales was at 294K in May 2023. In line with past months, newly pending listings were fairly lower (~100K) than 2021 and 2022. Pending listings for May were also mostly in line with pre-pandemic levels (2018 and 2019). Buyers are still opportunistically taking advantage of drop in mortgage rates to execute purchases. The key aspect to watch out for will be whether the usual seasonal pattern of a slow down in sales starts showing from August onwards. Or whether the strength in the residential real estate marker continues well past the usual summer season.
Nationally, rents climbed 0.6% in May from Apr . This is comparable to the average monthly gain in this time of the year. Annual rent growth decelerated to 4.8% in May. This is lower than the 7-10% annualized shelter inflation rate in the CPI from 2022 onwards. This lower rent inflation is expected to start reflecting in the CPI from mid 2023. However, given the huge reliance of falling rents eventually showing up in the official CPI measure, any substantial increase in rents – even though usual for this time of the year – is a cause of concern.

Zillow Home Value Index

Zillow Housing Reports

8th May 2023

The typical US home price increased (1.0%) in April from March. After a 6-month streak of falling prices m-o-m from Aug 2022 to Jan 2023, April is a third month in a row when the typical home value has climbed on a m-o-m basis. While this is normal from a seasonality perspective (spring home buying season), it is also a cause for concern from an affordability perspective as well as from a rent inflation perspective.
For-sale inventory of homes in the US was at 845K in Apr 2023. While that is almost 75K higher than Apr 2022, it is still substantially lower (~400-600K) than pre-pandemic levels – highlighting the continuing shortage of homes. In percentage terms, the level of inventory is a massive 46% below April 2019 levels!
Pending home sales was at 269K in April 2023. In line with past months, newly pending listings were fairly lower (~100K) than 2021 and 2022. Pending listings for April were also mostly in line with pre-pandemic levels (2018 and 2019). Buyers are still opportunistically taking advantage of drop in mortgage rates to execute purchases.
Nationally, rents climbed 0.6% in April from March . This is comparable to the average monthly gain in this time of the year. Annual rent growth decelerated to 5.3% in April. This is lower than the 7-10% annualized shelter inflation rate in the CPI from 2022 onwards. This lower rent inflation is expected to start reflecting in the CPI from mid 2023. However, given the huge reliance of falling rents eventually showing up in the official CPI measure, any substantial increase in rents – even though usual for this time of the year – is a cause of concern.

Zillow Home Value Index

Zillow Housing Report

6th Apr 2023

Key takeaway:

The typical US home price increased slightly (0.9%) in March from February. After a 6-month streak of falling prices m-o-m from Aug 2022 to Jan 2023, March is a second month in a row when the typical home value has climbed on a m-o-m basis.
For-sale inventory of homes in the US was at 834K in Mar 2023. While that is almost 108K higher than Mar 2022, it is still substantially lower (~400-600K) than pre-pandemic levels – highlighting the continuing shortage of homes. In percentage terms, the level of inventory is 36% below Mar 2020 levels!
Pending home sales was at 263K in Mar 2023. Once again, while this was fairly lower (~100K) than 2021 and 2022, it was still substantially higher (~30K-40K) than pre-pandemic Mar levels – highlighting still resilient demand. Buyers have been opportunistically taking advantage of drop in mortgage rates to execute purchases.
Nationally, rents climbed 0.5% in Mar from Feb. This is comparable to the average monthly gain in this time of the year. Annual rent growth decelerated to 6.0% in Mar. This is lower than the 7-10% annualized shelter inflation rate in the CPI from 2022 onwards. This lower rent inflation is expected to start reflecting in the CPI from mid 2023

Zillow Home Value Index

Zillow Housing Report

21st Mar 2023

Key takeaway:

The typical US home price increased slightly (0.1%) in February from January. This breaks a 6-month streak of falling prices m-o-m.
For-sale inventory of homes in the US was at 830K in Feb 2023. While that is almost 130K higher than Feb 2022, it is still substantially lower (~400-600K) than pre-pandemic levels – highlighting the continuing shortage of homes
Pending home sales was at 221K in Feb 2023. Once again, while this was fairly lower (~50K) than 2021 and 2022, it was still substantially higher (~30K-40K) than pre-pandemic Feb levels – highlighting still resilient demand. Buyers have been opportunistically taking advantage of drop in mortgage rates to execute purchases
Nationally, rents climbed 0.3% in Feb from Jan. This is comparable to the 0.4% average monthly gain in February from 2016 through 2020. Annual rent growth decelerated to 6.3% in Feb. This is lower than the 8-10% annualized shelter inflation rate in the CPI. This lower rent inflation is expected to start reflecting in the CPI from mid 2023

Zillow Home Value Index

Zillow Housing Report

The Zillow Home Value Index or ZHVI is a smoothed, seasonally adjusted measure of the typical home value and market changes across a given region and housing type. It reflects the typical value for homes in the 35th to 65th percentile range. Home types captured in ZHVI include single-family residences, condos, and co-ops..

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