So, this damage to the housing affordability record It must have kept home prices down last year, right?
It’s a mixed bag.
Of the 400 largest markets tracked by the seasonally adjusted Zillow Home Value Index, 174 markets in April were below their home price threshold. Another 226 markets also rose to record highs, or rose to all-time highs in April.
Western markets like Boise and San Francisco have seen home prices drop by 10% from their 2022 peak, while markets like Miami and Cincinnati just set new home prices in April.
Land and buildings, however, are this included– and that’s it straight up amazing– the housing market makes it even more difficult.
“The pandemic-era wild market has driven prices higher than they have been since 2009,” wrote Taylor Marr, deputy chief economist at Redfin. in a report published this week. “The huge price difference between San Francisco and Miami shows the state of the real estate market, the Bay Area is losing home buyers and South Florida is attracting them.”
This doubly volatile market, says Marr, “means it’s more important than ever to look at what’s happening locally.”
Why has the housing market been so divided over the past year?
One reason is that the western housing market is very difficult. First, western markets have been hit hard by years of rising housing prices, making them vulnerable to inflationary pressures whenever interest rates rise. Second, those Western markets have a lot of technical activity, which is at risk whenever the Fed steps in to fight inflation.
“The fact that Miami’s prices are doing well even as the world is doing well pull back in buying a home shows how popular Florida will be. Even some workers are returning to offices at least several days a weekThe pandemic has given many Americans more freedom in where they choose to live — and many of them are choosing places where spending $1.5 million on a foreclosed home is not the norm,” Marr wrote.
For better understanding This housing market is dual, Chance created 11 state maps using seasonally adjusted Zillow Home Value Index data. These maps show how the zip code rates are reaching in April 2023 compared to the epidemic rate. If a certain ZIP code is blue, it means that home prices in your area in April 2023 were very high.
Among the 1,564 California ZIP codes tracked by That, 98.5% are below their house price epidemic; 1.5% of California zip codes were at the peak of the outbreak in April.
Of the 1,554 Texas ZIP codes tracked by That69.6% are below their home price threshold, while 30.4% of Texas zip codes were at their highest value in April.
Among the 927 Florida ZIP codes followed by That76.2% are below their home price threshold, while 23.8% of Florida’s ZIP codes were at their highest price point in April.
Among the 1,038 Ohio ZIP codes tracked by That, 46% are under their epidemic risk of home prices; 54% of Ohio zip codes were at their highest value in April.
Among the 722 North Carolina ZIP codes followed by That38.8% are below their home price threshold, while 61.2% of North Carolina ZIP codes were at their highest price point in April.
Of the 303 Arizona ZIP codes that are followed by That90.1% are below their home price threshold, while 9.9% of Arizona ZIP codes were at their highest value in April.
Of the 782 Missouri ZIP codes that are tracked by That, 30.4% are under their epidemic risk of house prices; 69.6% of Missouri ZIP codes were at their highest value in April.
Of the 424 Maryland ZIP codes that are tracked by That46% are below their home price epidemic, while 54% of Maryland ZIP codes were at their highest price in April.
Of the 259 Connecticut ZIP codes that are tracked by That25.1% are below their home price threshold, while 74.9% of Connecticut ZIP codes were at their highest value in April.
Among the 22 District of Columbia ZIP codes followed by ThatOne ZIP is below its home price threshold, while 21 District of Columbia ZIP codes were at their highest prices in April.
Of the 230 Vermont ZIP codes that are tracked by That13.5% were below their home price threshold, while 86.5% of Vermont ZIP codes were at their home price threshold in April.
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