Annual home value growth slowed in more than half of the nation's largest housing markets since this time last year, according to the December Zillow Real Estate Market Report.
Seattle and San Jose, Calif., saw the biggest declines in appreciation over the past year.
In December 2017, home values in Seattle were growing at a 12.4 percent annual pace. They continued to appreciate at a double-digit pace through early 2018, but slowed to 5.0 percent in the seven months leading into December.
San Jose saw a similarly steep drop in appreciation – from 16.8 percent in December 2017 to 9.9 percent in December 2018.
The median U.S. home value is $223,900, up 7.6 percent from December 2017, when national home value appreciation was 7.4 percent. Home value appreciation across much of the country has been fairly steady over the past year.
Even as appreciation slowed in 19 of the nation's 35 largest housing markets, national home value growth is faster than it was when the market was coming out of the Great Recession. The fastest home values grew in the earliest years of the recovery was 7 percent in early 2014.
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