The housing market is still not so normal. some housing markets are booming, while other places are still going through a correction.
Most housing analysts expected 2023 to be a rough year for the US housing market. In fact, 24 of the 29 major housing forecasting models predicted a decline in national home prices for 2023.
But till date it has not been implemented yet.
During the first few months of 2023, the US housing market continues to show signs of stabilization. Existing and new home sales are up slightly this year, and homebuilder confidence has improved. And firms like Zillow, CoreLogic and Black Knight all reported positive monthly home price gains this spring.
What is happening? To begin with, housing affordability improved this spring as the average 30-year fixed mortgage rate, which was 7.37% in November, returned to 6.5%. Additionally, a lack of homes for sale, along with a market entering its more active spring period, has pushed national the housing market returns to balance.
Having said that, the housing market is still not normal. some housing markets are booming right now (including Scranton), while other places (including San Jose) are still going through a housing price correction. And even in a certain market, it can be very different.
To better understand how weird and divided the housing market is right now, Fortune: built seven interactive charts to display zip code level data few from the largest states of the country. These maps show the change in home prices, tracked by the seasonally adjusted Zillow Home Value Index, from December 2022 to March 2023.
Of the 1,559 New York ZIP codes tracked by Zillow, 48.4% saw home price increases between December 2022 and March 2023. Another 51.6% saw a decrease in house prices. During the same three-month window in 2022About 99% of New York zip codes saw positive home price growth.
Because house price data is reported in April and Mayit is possible that some of these early 2023 declines will be erased.
Of the 586 Tennessee ZIP codes tracked by Zillow, 83.1% saw home price increases between December 2022 and March 2023. Another 16.9% of Tennessee zip codes saw home price declines.
Of the 1,563 California ZIP codes tracked by Zillow, 6.7% saw home price increases between December 2022 and March 2023. The other 93.3% of California zip codes saw home price declines during that three-month window.
76.6% of the 1,039 Ohio ZIP codes tracked by Zillow saw home prices increase in 2022. from December to 2023 during March. Another 23.4% of Ohio zip codes saw home prices decline.
Of the 665 Georgia ZIP codes tracked by Zillow, 68.3% saw home price increases between December 2022 and March 2023. Another 31.7% of Georgia zip codes experienced home price declines.
Of the 926 Florida zip codes tracked by Zillow, 33.7% saw home price increases between December 2022 and March 2023. Another 66.3% of Florida zip codes saw home price declines.
Of the 1,554 Texas ZIP codes tracked by Zillow, 62.9% saw home price increases between December 2022 and 2023. during March. Another 37.1% of Texas zip codes saw home price declines.
Want more housing data? Follow me on Twitter at @NewsLambert.
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