Even though they already are at historic highs, home prices in the Valley are increasing faster than in any other market in America.
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%.
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.
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.