The housing market is slowing down, with home values seeing the first negative monthly change in nearly four years
By Jeff Sorg, OnlineEd Blog
OnlineEd (August 21, 2015) – According to the Zillow® July Real Estate Market Reports, the housing market is slowing down, with home values seeing the first negative monthly change since the market began its recovery nearly four years ago.
The report indicates that national homes appreciated three percent on an annual basis, down from 3.4 percent in June.
- Homes lost 0.1 percent of their value in July, falling to a Zillow Home Value Indexof $179,900.
- Homes appreciated three percent on an annual basis, down from 3.4 percent in June.
- Of the 517 metros covered in the Zillow report, 204 saw a slowdown.
“This slight dip in home values is a sign of the times. Many people didn’t think it was happening, but it is: we’re going negative,” said Zillow Chief Economist Svenja Gudell. “We’ve been expecting to see a monthly decline as markets return to normal. However, this is not like the bubble bust. We’re not going to see 10 percent declines. The market is leveling off, and it’s good news, particularly for buyers, because it will ease some of the competitive pressure.”
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(PORTLAND, ORE.) —