Home Values Soar Even Higher In August As Inventory Tightens

Competition among buyers drove rapid sales and pushed values up while the rental market softened

– U.S. home values grew to $256,663 in August, a 0.7% increase from July. That’s the largest monthly increase since 2013.

– Low demand continues to push rents lower — typical rent dropped 0.3% from July to $1,771 in August, the biggest monthly decrease since 2017.

– Rapid sales further contracted inventory, which is now 29.4% lower than a year ago.

SEATTLE, Sept. 18, 2020 /PRNewswire/ — Pressure from this summer’s housing inventory shortage caused U.S. home values to rise sharply in August. They are up 0.7% from July to $256,663, the biggest month-over-month increase in nearly seven years, according to the August Zillow® Real Estate Market Report1. Home value growth accelerated last month in 48 of the 50 largest markets and was relatively constant in the other two: Birmingham, Ala. and Richmond

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Home Values Climb Higher Due To Limited Inventory

The housing inventory shortage this summer drove home values up 0.7% in August from July 2020, the biggest month-over-month increased in nearly seven years, according to Zillow’s Real Estate Market Report for August.

Additionally, the report revealed that home value growth increased last month in 48 out of the 50 largest markets in the U.S. According to Zillow, home values are up 5.1% in August, year-over-year.

One thing the rise in home values shouldn’t do is affect the ability of first-time home buyers to make down payments. While the value increases may be significant, in actual dollars the impact isn’t that painful.

“American home shoppers faced a historic shortage of listings to choose from this summer, and that scarcity is now reflected in rapidly appreciating home values after a sluggish start to the home shopping season this spring,” said Zillow economist Jeff Tucker. “Builders are racing to catch up with

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A Neighborhood’s Racial Makeup Impacts Home Values More Now Than In 1980

The race home appraisal gap has doubled since 1980, according to a new study published in the sociological journal Social Problems.

Although fair housing laws passed in the U.S. during the 1960s and ’70s were intended to equalize the housing market and free Black homebuyers from a city’s most undesirable neighborhoods, a new study published in the sociological journal Social Problems shows that the disparity in appraised values between homes in majority-white and majority-non-white neighborhoods has increased significantly since those laws were passed.

The study’s authors, University of Pittsburgh sociologist Junia Howell and University of New Mexico sociologist Elizabeth Korver-Glenn, write that past discriminatory practices in real estate like redlining are not solely responsible for the disparity in appraised home values. Rather, the study’s findings revealed that standard modern appraisal practices that have been enacted since the Community Reinvestment Act of 1977 was passed have continued to impact how homes

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Home Values | Search Homes.com

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We are not suggesting that you use our home value estimate in lieu of an appraisal from a trained professional when selling, purchasing, or refinancing, but it is the perfect source when you just need a reasonable estimate and you do not want to wait. In addition to a ballpark value figure, you will have

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