Even though they already are at historic highs, home prices in the Valley are increasing faster than in any other market in America.Â
The S&P CoreLogic Case-Schiller Home Price Index from September showed Phoenix home sale prices increased more than 33% from September 2020.
Of the 20 major metropolitan markets the index tracks, no other city increased as much in the report, which was released Tuesday. The next-highest annual percentage increase was Tampa Bay at 27.7%.
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Zillow is closing down its home buying and selling business and laying off 25% of its workforce after the online real estate company missed its third-quarter earnings estimate.
The company announced in a statement attached to its earnings report Tuesday that it would be shutting down its Offers program, which buys and sells houses, after the company reported a net loss, partly due to failures in its Offers division. Zillow attributed the change to its inability to accurately forecast the housing market.
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According to the latest report by Zillow, annual growth in national home values set another record high of 18.4% in September and rent growth remains very fast. Zillow, an American online real estate marketplace company, reported that in Nashville, the average home is around $365,573 – up 20.9% from last year and up 2.4% from August. Monthly rent prices are also skyrocketing this year. In Nashville, monthly rent prices are up 15.4% from last year at an average of $1,773.
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