According to the January Zillow Real Estate Market Reports, low inventory is still plaguing the housing market and causing home prices to continue to rise.
- The U.S supply of homes for sale is 8.6 percent below where it was a year ago.
- Markets in the West tend to lean toward sellers, but buyers have more power in the East.
- National home values rose 4.2 percent to $184,000 in January.
- Rents rose 2.9 percent to $1,381.
“Hopeful buyers in a strong sellers’ market should be prepared to move quickly, since homes don’t stay on the market as long. In a buyers’ market, they can afford to take their time and be more selective,” said Zillow Chief Economist Dr. Svenja Gudell.
“However, low inventory is a factor affecting the majority of the country, so buyers should be prepared for a limited selection as we enter the home buying season.”
January Zillow Real Estate Market Reports top buyer and seller markets
In Miami, the Zillow Home Value Index in January had a few major points:
The keys to a better virtual tour
7 photography and videography tips for an eye-catching virtual tour READ MORE
- The ZHVI change year-over-year in January 216 was 10.5 percent.
- The Zillow Rent Index changed 4.2 percent in January 2016 over January 2015.
- Inventory fell 15.1 percent annually.
Comments
Related Articles
All signs point to the rental market in Miami right now. With business booming downtown, rentals are beginning to become the main priority for developers waiting for buildings to break ground, most of which have sold out their units.
This contemporary oceanfront home was designed by Christopher Raessler of RGR Design Associates, and it boasts three bedrooms and three bathrooms. The home blends the best of indoor and outdoor living space, a private foyer entrance and all the amenities of living on a beachfront resort.
At Apartment List, we know that people care about a lot of factors when they’re searching for a home. Everyone wants a great apartment at a great price, but families look for different things in a city than young singles.
RealtyTrac released its Q4 2015 U.S. Residential Property Loan Origination Report, finding 1.6 million loans were originated on residential properties in the final quarter of 2015, a 1 percent increase over the same time in 2014. On a quarter-over-quarter basis, this was a 14 percent dip.