News Digest: Average US home rates rule at an all-time high
July 18, 2023
Average home values in the United States crossed $350,000 for the first time ever, heralding good times for sellers who were hoping to cash in. However, the bad news is that sellers may not necessarily have the upper hand in this bullish market, says a published report.
Per new estimates shared by Zillow, the average American home is worth $350,213, which represents a 1.5% rise in values from May to June. This beats the July 2022 record of $348,225, the report says while warning of a decline after scaling a peak.
The report noted that inventory was depressed across the US with a 28% drop in listings in June compared to the same period of 2022. However, all 50 of the largest real estate markets in the country saw home value growth on a monthly basis. Zillow attributed the low inventory to the mortgage rate challenges. In July rates touched their highest in 2023 with a 30-year fixed rate clocking an average 6.81%.