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Housing was still expensive in August, but the increases have slowed

Location
Seattle, Portland, San Francisco
Publish Date
2021/09/27

Realtor.com reports rents grew by double-digits in more than half the US 50 largest housing markets, with Tampa ↑ 30.6% YoY. As vaccines opening up offices and city-life, the urgency to find new living spaces raised the prices; in August, the median rent was ⁓ $1,600/mo. Zillow’s report shows home prices cooled in August, largely due to increased inventory and some price reductions. The strong inventory recovery indicates balance returning to the market; but, the major demand driver is still present. According to Zillow, U.S. home values ↑ 17.7% YoY in August, putting the typical home value at $303,288. The housing markets that saw the fastest growth are Austin, with avg home value ↑ 44.8%, and Phoenix, where home values ↑ 31.8%. Another month of rising for-sale inventory gives shoppers more options and less competition, reducing bidding wars and further moderate rampant price hikes.

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