Home prices are still up from last year, but the level of appreciation is slowing
National home prices increased year-over-year across entry-level, move-up, and high-end homes. Prices rose 12.7% for entry-level to $340,369, 10.8% for move-up to $529,050, and 8.7% for high-end homes to $906,157. High-end price growth increased to a new high.
Supplementing our data with a monthly survey Zonda conducts, there were roughly 30% of homebuilders across the country that reported lowering prices month-over-month in September.
The table below shows the top three markets for year-over-year home price change in each tier.
Incentives are increasingly common in today’s housing market given the slower sales. 53.7% of active projects are offering to-be-built incentives, up from last month. The average incentive dollar amount is $10,169 or 2.0% of the list price.
Quick move-in inventory is rapidly increasing
There are currently 13,383 actively selling communities tracked by Zonda, down 8.6% from last year. On a month-over-month basis, the national figure slipped 1.4%. Total community count is 30.5% below the same month in 2019.
- Sacramento (+9.3%), Las Vegas (+8.8%), and Riverside/San Bernardino (+8.0%) grew community count the most year-over-year.
- Relative to last year, the biggest community count declines were in seen Baltimore (-28.7%), Atlanta (-23.7%), and New York (-21.3%).
- Community count in 8% of our select markets rose month-over-month, 0% were flat, and 92% fell.
National quick move-ins (QMIs) totaled 25,543, up 126.7% compared to last year and 6.1% higher month-over-month. Total QMIs are 10.4% above 2019 levels. QMIs represent homes that can be occupied within 90 days and are important to watch as the market shifts.
- On a metro basis, all of Zonda’s select markets increased QMI count year-over-year.
- The markets posting the biggest gains were Cincinnati (+1,186.7%), Tampa (+929.4%), and Raleigh (+483.5%). Cincinnati has surpassed 2019 levels of QMIs, but Tampa and Raleigh remain below.
- Salt Lake City, Jacksonville, and Cincinnati have seen the most growth in QMIs compared to the same time in 2019, up 322.9%, 146.1%, and 87.4%, respectively.