Per Zillow

The Zillow Home Values Index (ZHVI) shared how the average US home value was up by 5.0% over the year, and sat at $334,269. Per a previous article by Market Watch, it was noted by home values fell the most in three housing markets since 2022.

The three largest metro areas that saw the largest home value drops year-over-year were San francisco, Sacramento, and San Jose. During the February report, it was noted that San Francisco saw the largest home value appreciation drop by 4.9% than a year ago.

During the time of the report, it was noted that the typical home value in January 2023 was at $329,542 with the price growing slowed from its highest in April, at 18.8%. the company then commented on mortgage rates.

“In just the first two weeks of February, mortgage rates shot back up by as much as ¾ of a percentage point, erasing much of the decline from their peak around Halloween, and proving that no one can count on a consistent downward trajectory for rates this year,”

In January, it was also reported that US home sales were down by 36.9%, making it reach its 12th consistent monthly decline during the time of the report. This resulted in a new all-time low in over 12 years.

Existing home sales dropped to just 4 million units in January, which was its lowest since October 2010. The market's 12th consistent monthly decline was the longest streak since 1999.

While home sales dropped, mortgage applications also saw a 28-year low with less buyers trying to apply for a mortgage to finance a property. Buyers wanting to purchase a home at $400,00 with a 20% downpayment on a 30-year fixed loan would have to pay $230 monthly, including principal and interest.

See flow at unusualwhales.com/flow.

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