For the first time since 2011, incomes are rising at a faster pace than home values, according to recent data released by the U.S. Census Bureau and reported by Zillow. The report shows home values rose at a 5 percent annual rate, while incomes grew by 5.2 percentage points.According to the August Zillow Real Estate Market Reports, the Zillow Home Value Index (ZHVI) was reported at $188,100 in August. Inventory, while trending in a more positive direction than at the start of the year, is still a slight cause for concern, the report shows. Year-over-year inventory dipped 5.4 percentage points in August."The housing market is starting to smooth out ever-so-slightly, as the peak home shopping season winds down," Zillow Chief Economist Dr. Svenja Gudell said in a statement."Thi...
- National home values rose 5 percent annually in August to $188,100, while incomes increased 5.2 percent during the same time frame.
- Rent prices increased at a pace of 1.7 percent, compared with a 6 percent increase reported the same time last year.
- Inventory rates are falling across the country, with a 5.4 percent decrease reported in August.