The weirdest housing markets ever – just look at these 12 maps


So, this historic deterioration of housing affordability That must have driven home prices lower last year, right?

It’s a mixed bag.

Among the 400 largest metropolitan housing markets tracked by the seasonally trending Zillow Home Value Index, 174 markets in April were below their pandemic peak for local home prices. Another 226 markets have returned to their pandemic peak, or set a higher peak in April.

Western markets like Boise and San Francisco saw local home prices fall 10% from their 2022 peak, while markets like Miami and Cincinnati just set new all-time highs for in local house prices in April.

Real estate is local, however, and it is bifurcated—and only straight up weird—The housing market really caused this to happen.

“The wild housing market during the pandemic has made price growth trends more local than they have been since 2009,” wrote Taylor Marr, deputy chief economist at Redfin, in a report published this week. “The historic price growth gap between San Francisco and Miami illustrates how the local housing market is stagnating, with the Bay Area losing home buyers and South Florida attracting them.”

This bifurcated market, says Marr, “means it’s more important than ever to focus on local trends.”

Why was the housing market so fragmented last year?

One reason is that Western housing markets are more rate sensitive. First, Western markets are struggling with affordability after years of overheated house price growth, making them vulnerable to affordability shocks when mortgage rates rise. Second, those Western markets have a high concentration of tech jobs, which are vulnerable whenever the Fed switches to inflation-fighting mode.

“The fact that prices in Miami remain good despite the national pullback of home buying suggests that Florida’s relative popularity is here to stay. Although some employees will return to the offices at least several days a weekThe pandemic has given many Americans more freedom in where they choose to live — and many of them are choosing places where spending $1.5 million for a run-of-the-mill home is not the norm. ,” wrote Marr.

To understand better this bifurcated housing market, luck constructed 11 state-level maps using seasonally adjusted Zillow Home Value Index data. These maps show how ZIP code home price levels in April 2023 compared to the peak of the pandemic. If a particular ZIP code is shaded blue, it means local home prices in April 2023 are at an all-time high.

Among the 1,564 California ZIP codes tracked by Zillow, 98.5% below their pandemic peak for local house prices; 1.5% of California ZIP codes were at their pandemic peak in April.

Among the 1,554 Texas ZIP codes tracked by Zillow69.6% are below their pandemic peak for local home prices, while 30.4% of Texas ZIP codes are at their pandemic peak prices in April.

Among the 927 Florida ZIP codes tracked by Zillow76.2% are below their pandemic peak for local home prices, while 23.8% of Florida ZIP codes are at their pandemic peak prices in April.

Among the 1,038 Ohio ZIP codes tracked by Zillow, 46% below their pandemic peak for local home prices; 54% of Ohio ZIP codes were at their pandemic peak prices in April.

Among the 722 North Carolina ZIP codes tracked by Zillow38.8% are below their pandemic peak for local home prices, while 61.2% of North Carolina ZIP codes are at their pandemic peak prices in April.

Among the 303 Arizona ZIP codes tracked by Zillow90.1% are below their pandemic peak for local home prices, while 9.9% of Arizona ZIP codes are at their pandemic peak prices in April.

Among the 782 Missouri ZIP codes tracked by Zillow, 30.4% below their pandemic peak for local house prices; 69.6% of Missouri ZIP codes were at their pandemic peak prices in April.

Among the 424 Maryland ZIP codes tracked by Zillow46% are below their pandemic peak for local home prices, while 54% of Maryland ZIP codes are at their pandemic peak prices in April.

Among the 259 Connecticut ZIP codes tracked by Zillow25.1% below their pandemic peak for local home prices, while 74.9% of Connecticut ZIP codes were at their pandemic peak prices in April.

Among the 22 District of Columbia ZIP codes tracked by Zillowone ZIP was below its pandemic peak for local home prices, while 21 District of Columbia ZIP codes were at their pandemic peak prices in April.

Among the 230 Vermont ZIP codes tracked by Zillow13.5% below their pandemic peak for local home prices, while 86.5% of Vermont ZIP codes were at their pandemic peak for local home prices in April.

Want more housing data? Follow me on Twitter at @NewsLambert.





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