Spring Buying Season Finds Fairly Stable Market

According to Zillow’s Jan. market analysis, four Fla. metros saw higher year-to-year price gains than the nation yet also higher month-to-month price decreases.

SEATTLE – On the cusp of the 2023 spring home buying season, the market appears somewhat stable, according to Zillow. Home sales are ticking up and price declines leveling off as buyers prepare for the spring sales season.

However, sellers have not joined the fray in great numbers, and the inventory of for-sale homes remains low.

The typical U.S. home value was nearly flat from December to January, slipping just 0.1% to $329,542, or 4.1% below the peak value set in July 2022, Zillow claims. Still, prices have increased 6.2% year-to-year, and they’re 39% higher than before the pandemic.

According to the latest report, Zillow’s home-value estimate tool finds that the four Florida metros studied showed stronger price increases year-to-year than the rest of the nation. However, they also showed a greater month-to-month price drop than the rest of the U.S.

How Zillow adjusted Florida home values

  • Miami-Fort Lauderdale: Up 12.8% year-to-year, down 0.2% month-to-month, December to January
  • Tampa: Up 8.2% year-to-year, down 0.5% month-to-month
  • Orlando: Up 8.4% year-to-year, down 0.8% month-to-month
  • Jacksonville: Up 9.3% year-to-year, down 0.9% month-to-month
  • National numbers: Up 6.2% year-to-year, down 0.1% month-to-month

According to Zillow, buyers are returning to the market but fewer homeowners are listing their homes. The company had 230,000 new listings in January but claims it was “by far the lowest total in Zillow records that begin in 2018” – 17% fewer than the previous record low in January 2022 and 30% lower than the 2018-2021 average of about 330,000.

The 825,000 homes on the market in January was the second-lowest total in several years, and about 450,000 fewer than were ever on the market in January 2020.

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