Zillow has updated its housing market forecast, predicting a slower 1.9% growth in home values over the next year. This is due to rising mortgage rates, fewer new listings, and a more balanced market. Sales are also expected to slightly decline, but higher-priced homes are seeing increased activity. Despite a stabilizing trend nationally, it's important to assess local market conditions and factors like inventory levels and new home construction to make informed decisions.
The US has a record high number of cities where the average home price is over $1 million. This is driven by low housing supply and strong demand, leading homeowners to hold on to their properties. Florida has the most expensive homes, with the most expensive listing currently at $295 million. Despite the surge in million-dollar cities, some areas, particularly in Texas and Florida, have lost their status due to higher interest rates encouraging more homeowners to sell.
