Rate drops, more inventory add intrigue to housing 'offseason'
Zillow's latest market report reveals a window of opportunity for home buyers due to lower mortgage rates and rising inventory. The monthly payment on a typical home has fallen by more than $100 nationwide since May, improving affordability. Key findings include:
- The Zillow market heat index shifted from favoring sellers to neutral in July.
- Homes are taking longer to sell, but still faster than pre-pandemic times.
- Nearly 1.18 million homes are on the market, the highest since September 2020.
- The share of listings with price cuts decreased in August to just under 26%.
- One-third of homes sold in July went for more than asking price.
These trends suggest that competition among buyers could extend into the fall, contrary to typical seasonal patterns. The report highlights opportunities for both buyers and sellers in this evolving market landscape.
Il rapporto di mercato più recente di Zillow rivela una finestra di opportunità per gli acquirenti di case grazie ai tassi ipotecari più bassi e all'aumento dell'inventario. Il pagamento mensile per una casa tipica è diminuì di oltre $100 a livello nazionale da maggio, migliorando l'accessibilità. Le scoperte principali includono:
- L'indice di calore del mercato di Zillow è passato da favorevole ai venditori a neutro a luglio.
- Le case richiedono più tempo per essere vendute, ma ancora più velocemente rispetto ai periodi pre-pandemia.
- Ci sono quasi 1,18 milioni di case sul mercato, il numero più alto da settembre 2020.
- La quota di annunci con riduzioni di prezzo è diminuita ad agosto, scendendo a poco meno del 26%.
- Un terzo delle case vendute a luglio è andato a un prezzo superiore rispetto a quello richiesto.
Queste tendenze suggeriscono che la competizione tra acquirenti potrebbe prolungarsi fino all'autunno, contrariamente ai schemi stagionali tipici. Il rapporto evidenzia opportunità sia per gli acquirenti che per i venditori in questo panorama di mercato in evoluzione.
El informe de mercado más reciente de Zillow revela una ventana de oportunidad para los compradores de viviendas debido a las tasas hipotecarias más bajas y al aumento de inventario. El pago mensual de una vivienda típica ha caído en más de $100 a nivel nacional desde mayo, mejorando la asequibilidad. Los hallazgos clave incluyen:
- El índice de calor del mercado de Zillow cambió de favorecer a los vendedores a ser neutral en julio.
- Las casas están tardando más en venderse, pero aún más rápido que en los tiempos anteriores a la pandemia.
- Casi 1.18 millones de casas están en el mercado, la cifra más alta desde septiembre de 2020.
- La proporción de listados con recortes de precio disminuyó en agosto, cayendo a poco menos del 26%.
- Un tercio de las casas vendidas en julio se vendieron por más del precio solicitado.
Estas tendencias sugieren que la competencia entre compradores podría extenderse hasta el otoño, en contra de los patrones estacionales típicos. El informe destaca oportunidades tanto para compradores como para vendedores en este paisaje de mercado en evolución.
Zillow의 최신 시장 보고서는 저렴한 모기지 금리와 증가하는 재고로 인해 주택 구매자들에게 기회가 열리고 있다고 밝혔습니다. 일반 주택의 월 납부금이 5월 이후로 전국적으로 $100 이상 감소했다며, 주거 비용이 개선되었습니다. 주요 발견 사항은 다음과 같습니다:
- Zillow 시장 열지수가 7월에 판매자에게 유리한 것에서 중립으로 변경되었습니다.
- 주택은 판매되는 데 더 오랜 시간이 걸리고 있지만, 여전히 팬데믹 이전보다 더 빠르게 판매되고 있습니다.
- 시장에 나와 있는 주택은 거의 118만 채로, 2020년 9월 이후 가장 높은 수치입니다.
- 8월에는 가격 인하가 있는 매물의 비율이 거의 26%로 줄어들었습니다.
- 7월에 판매된 주택의 3분의 1은 요청 가격보다 더 높은 가격에 거래되었습니다.
이러한 추세는 구매자 간의 경쟁이 가을까지 이어질 수 있음을 시사하며, 이는 전형적인 계절 패턴과 반대입니다. 이 보고서는 변화하는 시장에서 구매자와 판매자 모두에게 기회를 강조합니다.
Le dernier rapport de marché de Zillow révèle une fenêtre d'opportunité pour les acheteurs de maisons en raison de la baisse des taux hypothécaires et de l'augmentation de l'inventaire. Le paiement mensuel pour une maison typique a diminué de plus de 100 $ à l'échelle nationale depuis mai, ce qui améliore l'accessibilité. Les principales conclusions incluent :
- L'indice de chaleur du marché de Zillow est passé de favorable aux vendeurs à neutre en juillet.
- Les maisons prennent plus de temps à se vendre, mais restent plus rapides que lors de la période pré-pandémique.
- Près de 1,18 million de maisons sont sur le marché, le chiffre le plus élevé depuis septembre 2020.
- La part des annonces avec des baisses de prix a diminué en août, atteignant juste en dessous de 26%.
- Un tiers des maisons vendues en juillet a été vendu au-dessus du prix demandé.
Ces tendances suggèrent que la concurrence entre acheteurs pourrait se prolonger jusqu'à l'automne, contrairement aux schémas saisonniers habituels. Le rapport met en évidence des opportunités pour les acheteurs et les vendeurs dans ce paysage de marché en évolution.
Der neueste Marktbericht von Zillow zeigt ein Fenster der Möglichkeit für Käufer von Immobilien aufgrund sinkender Hypothekenzinsen und ansteigenden Beständen. Die monatliche Zahlung für ein typisches Haus ist seit Mai um mehr als 100 US-Dollar bundesweit gesunken, was die Erschwinglichkeit verbessert hat. Zu den wichtigen Erkenntnissen gehören:
- Der Zillow-Marktheatindex hat sich im Juli von einer Verkäufer- zu einer neutralen Haltung verschoben.
- Die Verkaufszeiten für Immobilien sind länger, jedoch schneller als vor der Pandemie.
- Es sind fast 1,18 Millionen Immobilien auf dem Markt, das ist die höchste Zahl seit September 2020.
- Der Anteil der Angebote mit Preissenkungen ist im August auf knapp 26% gesunken.
- Ein Drittel der im Juli verkauften Häuser wurde über dem Angebotspreis verkauft.
Diese Trends deuten darauf hin, dass der Wettbewerb unter Käufern bis in den Herbst hinein anhalten könnte, was im Widerspruch zu typischen saisonalen Mustern steht. Der Bericht hebt die Chancen für Käufer und Verkäufer in dieser sich entwickelnden Marktsituation hervor.
- Monthly mortgage payments have decreased by over $100 nationwide since May, improving affordability
- Inventory has increased to nearly 1.18 million homes, the highest since September 2020
- One-third of homes sold in July went for more than asking price
- Homes are still selling relatively quickly, in 20 days on average
- The Zillow market heat index shifted from favoring sellers to neutral in July
- Homes are taking longer to sell compared to recent history
- The share of listings with price cuts remains high at just under 26%
- Inventory is still 30.8% lower than before the pandemic
Insights
The recent drop in mortgage rates and increase in inventory are creating a unique opportunity for homebuyers in an usually slow season. With monthly mortgage payments falling by
Key points to consider:
- The Zillow market heat index has moved from favoring sellers to neutral territory.
- Homes are taking longer to sell, but still faster than pre-pandemic levels.
- Inventory has grown to 1.18 million homes, the highest since September 2020.
26% of listings had price cuts in August, which is high but not record-breaking.
These factors suggest a more balanced market, which could benefit both buyers and sellers in the coming months. However, well-priced homes are still selling quickly, indicating that demand remains strong in many areas.
This report indicates a subtle but significant shift in the housing market dynamics. The improved affordability due to lower mortgage rates could reignite buyer interest, potentially disrupting the typical autumn cooldown. However, it's important to note regional variations:
- Markets like Miami, Tampa and Austin are now favoring buyers.
- Strong seller's markets persist in New York, Boston and San Jose.
- Many large metros remain in a neutral position.
The median days on market and share of listings with price cuts are key indicators to watch. While the national average is 20 days and
The housing market's current state reflects broader economic trends and could have significant implications for the overall economy. Key observations:
- Lower mortgage rates improve affordability, potentially stimulating housing demand and related economic activities.
- Increased inventory suggests a gradual normalization of the market after years of shortages.
- The shift towards a more balanced market could help moderate housing inflation, a major component of overall inflation measures.
However, it's important to note that inventory levels are still
Competition among buyers is likely to extend into the fall thanks to improved affordability
- Monthly mortgage payments have fallen by more than
$100 - Price cuts ticked down in August but are still common, landing on more than 1 in 4 listings.
- Competition is stiff for attractive listings, with more than one-third of homes selling for over asking price.
"Late summer may be an opportunity for buyers who have been waiting in the wings for a monthly mortgage payment they can qualify for," said Skylar Olsen, Zillow chief economist. "Buyers have more options to choose from for two reasons. For one, it's easier to qualify for more of the homes on the market now that mortgage rates are a bit lower. Beyond that, more inventory is becoming available — enough to improve buyer negotiating power. Attractive properties in hot markets are still selling quickly, but some metros — or neighborhoods within them — have flipped further in favor of buyers."
Mortgage rate declines have made buying a home roughly affordable again at the national level (meaning monthly payments generally take less than one-third of median household income), assuming a buyer puts
Beyond lower costs, a number of metrics are moving in buyers' favor. The Zillow market heat index shifted from being in favor of sellers into neutral territory in July. For the past two years, sellers held their edge nationally until October.
Homes are taking longer to sell than in recent history, but shorter than in pre-pandemic times. Homes that sold in August took 20 days to go pending, two more than in July, but about six days faster than at this time of year before the pandemic. And while inventory growth has slowed, nearly 1.18 million homes are on the market, more than any month since September 2020.
Lower rates could stall or slow a normal autumn cooldown, because right now buyers are more likely to be motivated by lower rates than sellers are.
Some signals are already pointing to an altered trajectory in the housing market. The share of listings on Zillow with a price cut ticked down from July to August, reversing an upward trend of rising every month since March. Just under
Opportunities for buyers
- Lower rates mean improved affordability: Purchasing power is greater, and buying a house may now fit into buyers' monthly budgets.
- Homes are taking longer to sell, giving buyers more time to decide and more leverage in negotiations.
- Inventory continues to slowly recover from a years-long shortfall, giving buyers more options.
Opportunities for sellers
- Well-priced and -marketed homes are still selling relatively quickly, in 20 days, almost a week faster than at this time of year before the pandemic.
- Lower mortgage rates could raise buyer competition in the fall. The share of homes with a price cut dropped in August.
- One-third of homes that sold in July — the most recent data available — went for more than asking price.
- Seventy percent of sellers turn around and buy — the benefits to buyers given above apply to their next home.
Metropolitan | August | Market | Typical | Typical | Median | Share | Inventory |
neutral | -3.4 % | 20 | 25.9 % | -30.8 % | |||
strong seller | -3.0 % | 27 | 13.3 % | -54.4 % | |||
seller | -3.0 % | 18 | 20.9 % | -30.6 % | |||
seller | -3.2 % | 12 | 26.0 % | -50.6 % | |||
neutral | -3.7 % | 31 | 34.8 % | -8.1 % | |||
neutral | -3.6 % | 34 | 29.9 % | -12.6 % | |||
strong seller | -3.4 % | 11 | 23.0 % | -44.4 % | |||
seller | -3.3 % | 11 | 22.9 % | -48.0 % | |||
buyer | -3.5 % | 45 | 22.0 % | -11.6 % | |||
neutral | -3.6 % | 29 | 32.1 % | -14.8 % | |||
strong seller | -3.3 % | 11 | 19.3 % | -44.4 % | |||
neutral | -3.8 % | 30 | 33.3 % | -20.5 % | |||
strong seller | -3.6 % | 16 | 18.9 % | -4.1 % | |||
seller | -3.3 % | 23 | 23.7 % | -32.9 % | |||
seller | -3.5 % | 11 | 25.8 % | -38.1 % | |||
seller | -3.4 % | 14 | 27.5 % | -26.3 % | |||
strong seller | -3.5 % | 21 | 26.9 % | -35.8 % | |||
seller | -3.6 % | 19 | 27.0 % | -36.1 % | |||
buyer | -3.8 % | 37 | 35.6 % | 9.5 % | |||
neutral | -3.5 % | 23 | 35.7 % | -2.6 % | |||
seller | -3.6 % | 9 | 25.5 % | -49.2 % | |||
seller | -3.3 % | 7 | 24.4 % | -47.6 % | |||
buyer | -3.6 % | 32 | 31.2 % | 9.7 % | |||
neutral | -3.6 % | 25 | 27.9 % | -3.7 % | |||
neutral | -3.8 % | 42 | 32.3 % | 12.6 % | |||
seller | -3.5 % | 21 | 29.2 % | -24.4 % | |||
seller | -3.6 % | 17 | 28.8 % | -34.8 % | |||
neutral | -3.7 % | 15 | 29.3 % | -40.6 % | |||
seller | -3.3 % | 7 | 29.8 % | -37.7 % | |||
buyer | -3.9 % | 58 | 30.2 % | 30.5 % | |||
seller | -3.1 % | 21 | 27.6 % | -27.3 % | |||
seller | -3.4 % | 10 | 30.8 % | -44.0 % | |||
seller | -3.4 % | 8 | 31.9 % | -29.7 % | |||
neutral | -3.5 % | 13 | 33.7 % | -20.6 % | |||
strong seller | -3.1 % | 8 | 24.4 % | -56.8 % | |||
strong seller | -2.7 % | 13 | 18.5 % | -26.0 % | |||
neutral | -3.6 % | 27 | 34.5 % | -10.5 % | |||
seller | -3.3 % | 25 | 25.2 % | -47.8 % | |||
strong seller | -2.9 % | 10 | 22.2 % | -61.4 % | |||
buyer | -3.7 % | 49 | 32.5 % | 4.9 % | |||
seller | -3.3 % | 19 | 19.4 % | -29.7 % | |||
neutral | -3.5 % | 21 | 30.6 % | -14.8 % | |||
seller | -3.6 % | 20 | 34.5 % | -19.2 % | |||
buyer | -3.8 % | 34 | 28.5 % | 0.9 % | |||
strong seller | -3.3 % | 10 | 26.1 % | -44.7 % | |||
neutral | -3.3 % | 10 | 29.2 % | -31.3 % | |||
buyer | -4.0 % | 42 | 24.9 % | 42.1 % | |||
seller | -3.6 % | 19 | 34.1 % | -21.0 % | |||
strong seller | -3.1 % | 7 | 18.4 % | -68.0 % | |||
strong seller | -3.2 % | 11 | 20.3 % | -44.1 % | |||
neutral | -3.7 % | 24 | 25.7 % | -26.2 % |
*Table ordered by market size | |
**According to Zillow's market heat index | |
*** Mortgage payment, excluding taxes and insurance, for a house valued at the Zillow Home Value Index for that location, bought at the average mortgage rate for August ( | |
1 | The Zillow® Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research. |
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