No Doubt About It: This Is A Sellers Market

A pair of housing reports finds that U.S. home prices and sales continue to climb quickly amid a market scarcity and the coronavirus pandemic.

A Zillow report found that home values increased 0.7 percent in August to $256,663 – the biggest month over month increase in nearly seven years. Meanwhile, a Redfin report found that home prices in blue counties, red counties and swing counties increased by double digits from a year earlier.

“Homeowners in counties of all colors—blue, red and purple—are benefiting from a strong housing market even during this deep recession,” said Redfin chief economist Daryl Fairweather. “Home values are up, which is great financial news if you’re a homeowner, regardless of your politics.”

Using 2016 electoral data, Redfin found that the median home prices in blue counties rose 13.1 percent nationwide. For red counties, prices were up 10.6 percent, and swing county prices were up 11.5 percent.

Zillow also found that home value growth accelerated in 48 of the 50 largest markets in the country, while it was large constant in the other two (Birmingham, Alabama, and Richmond, Virginia).

“American home shoppers faced an historic shortage of listings to choose from this summer, and that scarcity is now reflected in rapidly appreciating home values after a sluggish start to the home shopping season this spring,” Zillow economist Jeff Tucker said. “Builders are racing to catch up with demand, and rising prices should encourage more potential sellers to come off the sidelines and list. Still, the shortage of inventory should keep housing markets unusually tilted in sellers’ favor this autumn.”

Here is how values increased by market across the country:

Metropolitan Area*Zillow Home Value 8/20YoY Change, August 2020Total Inventory – YoY Change
United States$256,6635.1%-29.4%
New York/Newark, NY/NJ$493,5792.3%-13.4%
Los Angeles, CA$706,7145.9%-23.8%
Chicago, IL$246,3571.9%-26.9%
Dallas-Fort Worth, TX$261,7394.1%-29.0%
Philadelphia, PA$262,4375.1%-37.8%
Houston, TX$222,9363.1%-25.8%
Washington, DC$452,0305.1%-33.1%
Miami-Fort Lauderdale, FL$310,4714.1%-9.6%
Atlanta, GA$251,4545.7%-25.3%
Boston, MA$514,3214.9%-24.2%
San Francisco, CA$1,127,0662.7%1.5%
Detroit, MI$188,4204.3%-36.4%
Riverside, CA$400,6645.7%-46.7%
Phoenix, AZ$312,31710.5%-21.8%
Seattle, WA$559,2269.2%-26.7%
Minneapolis-St. Paul, MN$305,2025.4%-25.6%
San Diego, CA$643,9035.9%-36.7%
St. Louis, MO$187,7955.0%-31.5%
Tampa, FL$242,9247.2%-31.9%
Baltimore, MD$302,4642.9%-44.4%
Denver, CO$458,6004.5%-31.1%
Pittsburgh, PA$167,1725.2%-24.5%
Portland, OR$429,6085.3%-31.0%
Charlotte, NC$249,9608.0%-39.7%
Sacramento, CA$444,7335.7%-41.1%
San Antonio, TX$211,9643.2%-23.4%
Orlando, FL$266,0055.4%-13.7%
Cincinnati, OH$197,1357.2%-37.4%
Cleveland, OH$168,2986.7%-38.3%
Kansas City, MO$214,6396.3%-42.4%
Las Vegas, NV$302,0714.0%-22.5%
Columbus, OH$222,4677.1%-37.8%
Indianapolis, IN$192,6777.9%-40.2%
San Jose, CA$1,224,36610.3%-19.0%
Austin, TX$357,3466.1%-32.2%
Virginia Beach, VA$252,0414.8%-36.3%
Nashville, TN$289,7925.9%-17.2%
Providence, RI$333,1915.7%-36.5%
Milwaukee, WI$212,1667.5%-8.2%
Jacksonville, FL$240,7854.8%-33.1%
Memphis, TN$164,2548.5%-40.6%
Oklahoma City, OK$165,0146.0%-33.9%
Louisville, KY$189,7066.8%-41.8%
Hartford, CT$246,8214.0%-40.4%
Richmond, VA$256,4174.6%-35.1%
New Orleans, LA$215,2185.7%-42.3%
Buffalo, NY$183,0715.2%-32.4%
Raleigh, NC$292,1604.5%-37.7%
Birmingham, AL$174,8757.0%-33.7%
Salt Lake City, UT$405,1897.9%-41.4%