Home prices head higher as shortage of homes on the market persists
The typical home value in the Houston area rose by 5.3 percent in January compared to January of 2022, according to the Zillow Home Value Index. The photo shows homes in Creekside Park neighborhood north of Houston.Home sales are slowing, but prices are still rising in many cities across the nation.
The typical U.S. home value reached $329,542 in January, holding steady with December and up 6.2 percent compared to January 2022, according to the Zillow Home Value Index, which estimates the values of all homes in a market. While 4.1 percent below the peak price set in July, the value was still 39 percent higher than before the pandemic.
“Building more homes and apartments is the only way to tame inflation, satisfy unmet demand, achieve a measure of price stability in the for-sale and rental markets, and ease America’s housing affordability crisis,” Dietz told a senate banking committee earlier this month.During the pandemic, home prices soared to record highs as buyers sought homes with more space, took advantage of low interest rates and often got into bidding wars.
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