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Luxury Home Values Snapshot

Appraisal Buzz

A new analysis from Zillow has found that luxury home value growth has now outpaced appreciation on typical homes for five consecutive months. The typical luxury home—defined by Zillow as the most valuable 5% of homes in a given region—is worth about $1,620,000. Luxury home values across the U.S.

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Hispanic Homeowners Reduce the Home Value Gap

Appraisal Buzz

Zillow has found that Hispanic homeowners are making great strides in narrowing the home value gap with white homeowners over the past two years—regaining ground lost during the pandemic. Hispanic-owned homes are currently worth 11.9% less than homes owned by non-Hispanic white households, down from 12.1% from 17.9%.

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Home Values Surge in Q2

Appraisal Buzz

Home Equity & Underwater Report. of mortgaged residential properties were considered equity-rich, a term indicating that the combined estimated loan balances secured by those properties were no more than half of their estimated market values. The report reveals that 49.2% The rate dropped to 2.4%

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Skyrocketing home values driving higher property taxes

Housing Wire

The rapid rise in home valuations since the pandemic and stubbornly high mortgage rates have exacerbated the housing affordability crisis that began after the financial crisis. Rising property taxes add yet another layer to it and shut out buyers who might otherwise be able to afford a mortgage.

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Sellers Listing Their Homes … But Buyers Aren’t Biting 

Appraisal Buzz

Home sellers are returning to the market, but buyers are hesitant, according to a recent Zillow market report. In May, new property listings exceeded sales, allowing buyer competition and price rise to slow—and more price relief is expected. Home values are up from year-ago levels in 46 of the 50 largest metro areas.

Sellers 397
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Buyer Competition Expected to Ramp Up This Fall 

Appraisal Buzz

According to Zillow’s most recent market report , reduced mortgage rates and more inventory are providing house buyers with a window of opportunity at an uncommon time of year. Buyers have more options to choose from for two reasons. Beyond that, more inventory is becoming available enough to improve buyer negotiating power.

Buyers 396
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Buyers rush to lock mortgages as rates move fast and furious

Housing Wire

Mortgage origination activity rose last month despite rapidly rising mortgage rates as prospective buyers sought to lock in their loans. While cash-out refinance activity, which has been somewhat insulated due to strengthening home values, rose a mere 1.6% during the same period. during the same period.

Buyers 367