RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Shift Toward Seasonal Norms Could Benefit Buyers, Renters

Home Industry News
November 19, 2021
Reading Time: 3 mins read
Shift Toward Seasonal Norms Could Benefit Buyers, Renters

After ignoring the annual autumn memo to cool down last year, the housing market is finally showing signs of moderation typically seen in the fall, according to Zillow’s® latest market report.

“Home buyers shopping this fall shouldn’t expect the same frenzied demand that triggered bidding wars on listings this spring and summer,” said Zillow senior economist Jeff Tucker. “The normal seasonal slowdown of autumn has returned, when many families are busy with back-to-school activities and planning for the holidays. Buyers can expect less competition, meaning more time to decide on a house and the potential for prices to fall on listings they’ve saved on Zillow.”

Although the market is still far hotter than usual, October witnessed normal fall trends of decelerating growth for rents, declining list prices, longer times on market for listings and more homes receiving price cuts before sale. These are indications that seasonality is returning to replace the unfettered growth seen over the past year and a half.

Home value appreciation slowed in October for the third month in a row, as home values rose 1.3% over September, slower than the all-time high monthly appreciation of 2% in July. The typical home value in the U.S. measured by the Zillow Home Value Index (ZHVI) is now up to $312,728. Annual growth of 19.2% ($50,405) is the highest in Zillow data reaching back to 2000.

Home values didn’t drop in any of the 50 largest U.S. metros, but monthly home value growth decelerated in 42 of them. The slowest monthly growth was seen in Milwaukee (0.1%), San Francisco (0.3%), Buffalo (0.3%) and St. Louis (0.4%), while the fastest was in Raleigh (2.7%), Nashville (2.4%) and Atlanta (2.3%). The average October monthly appreciation in the U.S. from 2015 through 2019 was 0.4%.

Less frenzied market can benefit buyers

Autumn and winter home shopping seasons usually feature fewer homes on the market, along with less competition. The October report shows inventory down 17.4% from last year and contracting by 1.1% since September, after rising from May through September.
Longer time on the market for listings means buyers have more time to weigh their options and schedule home inspections before purchasing. October listings typically spent 10 days on the market, compared to nine in September and seven in April, May and June.

Median list prices have fallen since July, and the share of homes that saw a price cut before selling rose slightly over September, as well, now standing at 14.7% — nearly double the year’s low point in April. The most recent data on the share of homes that sold above list price shows a monthly decline of 6.6% in September to 47.2%, down from a peak of 51.3% in July.

In the midst of a surge in demand last fall, the share of listings with a price cut began a long slide downward in October of 2020, while the share of homes sold above list price was climbing skyward.

Rent growth slows and rents fall in some metros

Rent growth continued on its path of deceleration in October, registering 0.8% month-over-month growth compared to a record high of 2.1% in July. This slowing, too, is in line with seasonal norms — October had the lowest monthly rent appreciation in 2018 and 2019 and saw no growth in 2020 as rents recovered from the shock of the pandemic. Still, the rapid rise in rents since March has pushed annual growth to 14.3%, the highest rate in the series’ history, which began in 2015. Typical rents in the U.S. are $1,873, now $234 higher than last October.

Rents fell from September in eight of the 50 largest U.S. metro areas, compared to just one the month before. The largest monthly drops were in Hartford (-1%), Baltimore (-0.6%) and San Jose (-0.5%), while the largest gains came from Miami (2%), Salt Lake City (1.9%) and Orlando (1.8%).

To see the full report, click here.

Tags: BuyersHome Price AppreciationRentersseasonal real estateZillow
ShareTweetShare
Brit Owen

Brit Owen

Brit Owen is RISMedia’s Email Marketing Specialist where she collaborates with the editorial team to create email campaigns, as well as analyzes campaign data to understand performance. Before RISMedia, Brit worked as a digital marketer for the cybersecurity, healthcare, sports and entertainment, aviation and IT industries. She earned her degree in Communications with a minor in Marketing from Central Connecticut State University. FUN FACT: Brit has been an avid athlete, playing softball, tennis, dancing, wakeboarding and skysking. In 2012, she tried out for the Boston Celtic’s dance team.

Related Posts

9 Low-Cost Ways to Improve Your Listings
Agents

9 Low-Cost Ways to Improve Your Listings

July 4, 2022
Thoughts on Leadership: Leading Like Duke
Brokers

Thoughts on Leadership: Leading Like Duke

July 3, 2022
Creative Marketing Ideas to Move Your Listings Faster
Best Practices

Creative Marketing Ideas to Move Your Listings Faster

July 2, 2022
The July Issue of Real Estate Magazine Is Now Live
Agents

The July Issue of Real Estate Magazine Is Now Live

July 1, 2022
First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing
Agents

First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing

July 1, 2022
Pandemic-Fueled, ‘Astonishing’ Cost-Burden Turnaround
Agents

Pandemic-Fueled, ‘Astonishing’ Cost-Burden Turnaround

July 1, 2022

Leave a Reply Cancel reply

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

Tip of the Day

Break a Leg: How Acting Techniques Can Enhance Your Pitch

Authenticity, emotion and empathy are all a big part of a successful client presentation, and actors have the answers. Read more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • 9 Low-Cost Ways to Improve Your Listings
  • Thoughts on Leadership: Leading Like Duke
  • Creative Marketing Ideas to Move Your Listings Faster

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.