Housing Market Showed Signs of Life in January, as Buyers Began to Compete Over Still-Scarce Listings (January 2023 Market Report)

The typical U.S. home value fell slightly from December to January (-0.1%). U.S. home values are still 6.2% higher than a year ago.
Home values were lower than last January in seven major markets, with San Francisco experiencing the biggest drop (-4.9%).
Newly pending listings were similar to 2020 levels, or down 20% year-over-year–a much smaller drop than the annual drops of more than 30% in each of the previous 3 months.
Median time on market, 31 days, was slower than the last two years but faster than pre-pandemic norms to start the year.
There were 17% fewer new listings than last January, and 30% fewer than in January 2021.
Inventory remains very low to start the year, at its 2nd lowest January level on record.
Asking rents fell less than 0.1% month-over-month (-$1), halting a three-month streak of measurably falling rents. The typical U.S. rent is now $1,970.

Home values slipped 0.1% in January, leaving the typical home value at $329,542, or 4.1% below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 6.2% higher than one year earlier–a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8% year-over-year growth measured in April… READ MORE>>>https://www.zillow.com/research/january-2023-market-report-32172/?utm_medium=social-boosted-sm&utm_source=facebook&utm_campaign=zbw_brnd_z_image_all_multiple_012423_x_marketreportjan23&utm_content=fbf|marketcompass|marketreportjan23&fbclid=IwAR1g8J9DIHBhKLwEUn5e6mCTkCk1698LapAH7LCZlLimlXky5FDmhlpwyvU

Anastasia Kaufman, GRI,ABR,SFR,CDPE,SRS

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Email: Anastasia@anastasiakaufman.com

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