Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Zillow is a full-blown housing market bull—predicting that U.S. home prices will jump 6.5% by July 2024

August 27, 2023
in Business
Reading Time: 3 mins read
A A
Zillow is a full-blown housing market bull—predicting that U.S. home prices will jump 6.5% by July 2024
0
SHARES
ShareShareShareShareShare

Back in February, Zillow’s housing economists made a bold call that U.S. home prices had bottomed and would proceed to climb 0.5% over the next 12 months.

In the months preceding that call, U.S. home prices as tracked by the Zillow Home Value Index not only began to climb again but also reached a new all-time high. This uptick was propelled by the tailwind generated from tight inventory levels, which proved strong enough to overpower the headwind caused by the mortgage rate shock.

That U.S. house price rebound coincided with Zillow repeatedly revising its home price forecast upward. Its latest revision, Zillow predicts that U.S. home prices will rise 6.5% between July 2023 and July 2024—up from the 6.3% call it made last month. For perspective, U.S. home prices as tracked by Case-Shiller have averaged a 5.5% annual increase since 1975.

READ ALSO

France to donate 100,000 mpox vaccines as nation prepares for outbreak at home

The EU wants no corner of the digital sphere left untouched, warning X and AI could be next

“Limited for-sale inventory continues to push home prices upward even as mortgage rates remain elevated,” wrote Zillow housing economists. “Just over half as many homes were listed for sale in July compared to the same month in 2019, and 29% fewer new listings entered the market in July than what was typical this time of year prior to the pandemic. This shortage has buoyed competition for the homes that are for sale. Homes that went under contract (or ‘pending’) in July did so in 12 days – a week and a half faster than what was typical in 2018 and 2019.”

While Zillow economists expect national home prices to rise 6.5% over the coming 12 months, their forecast model predicts that 120 of the nation’s 400 largest housing markets will see increases of 7.0% or greater over the next 12 months.

There isn’t just one unifying factor; these 120 housing markets are located all over the country. They’re spread over the West (like Santa Maria, Calif.), South (Tampa), Midwest (Indianapolis), and Northeast (Scranton, Pa.).

While Zillow thinks U.S. home prices have bottomed—something that economists at CoreLogic and the AEI Housing Center also believe—not every firm agrees. Firms like Moody’s Analytics and Morgan Stanley think U.S. home prices have a little more to give up, and it’ll happen between now and the end of 2024.

Want to stay updated on the housing market? Follow me on Twitter at @NewsLambert.


Credit: Source link

ShareTweetSendSharePin
Previous Post

Paul Skenes struggles with girlfriend Olivia Dunne in attendance

Next Post

NFL preseason odds, pick Sunday

Related Posts

France to donate 100,000 mpox vaccines as nation prepares for outbreak at home
Business

France to donate 100,000 mpox vaccines as nation prepares for outbreak at home

August 21, 2024
The EU wants no corner of the digital sphere left untouched, warning X and AI could be next
Business

The EU wants no corner of the digital sphere left untouched, warning X and AI could be next

August 21, 2024
Federal judge derails FTC’s sweeping ban on non-compete agreements
Business

Federal judge derails FTC’s sweeping ban on non-compete agreements

August 21, 2024
How to watch, stream the Democratic National Convention Night Two live online free without cable, on NBC, ABC, CBS, Fox, CNN, MSNBC
Business

How to watch, stream the Democratic National Convention Night Two live online free without cable, on NBC, ABC, CBS, Fox, CNN, MSNBC

August 21, 2024
We’re Gen Z college dropouts who raised .4M for our blockchain startup. Here’s how we did it
Business

We’re Gen Z college dropouts who raised $41.4M for our blockchain startup. Here’s how we did it

August 20, 2024
MLB legend Derek Jeter’s best business advice
Business

MLB legend Derek Jeter’s best business advice

August 20, 2024
Next Post
NFL preseason odds, pick Sunday

NFL preseason odds, pick Sunday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Nvidia supplier SK Hynix posts highest profit in 6 years on AI chip boom

Nvidia supplier SK Hynix posts highest profit in 6 years on AI chip boom

July 25, 2024
What the Trump-Harris fundraising battle looks like now

What the Trump-Harris fundraising battle looks like now

July 22, 2024
US Water Polo star Maggie Steffens lost sister-in-law before Olympics

US Water Polo star Maggie Steffens lost sister-in-law before Olympics

July 29, 2024
Britain plans new regulations after setbacks

Britain plans new regulations after setbacks

July 25, 2024
Hero Cosmetics CEO Discovered Skincare Idea in South Korea

Hero Cosmetics CEO Discovered Skincare Idea in South Korea

August 12, 2024
Walmart (WMT) earnings Q2 2025

Walmart (WMT) earnings Q2 2025

August 15, 2024
U.S. supply chains at risk amid railroad-union dispute

U.S. supply chains at risk amid railroad-union dispute

August 18, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • France to donate 100,000 mpox vaccines as nation prepares for outbreak at home
  • Ukraine carries out one of largest-ever drone attacks on Moscow
  • Yankees’ DJ LeMahieu in another rut as porous season continues
  • Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In