entry-level homes

First-time buyers are still living in last year’s housing market thanks to limited affordable inventory, leading to tight competition and soaring prices. A new report from Zillow found that typical home values for the least-expensive one-third of houses rose by 8% YOY, or $13,000. In comparison, mid-level homes saw a 3% YOY increase, and the most expensive one-third of houses lost value, experiencing a 1% drop. This is the first loss of value for the top tier since at least 2012. “Buyers shopping for the least-expensive homes this spring aren’t noticing much difference from the pandemic-era market heat,” said Skylar Olsen, Zillow’s chief economist. “Competition is fierce, but there aren’t many homes for sale, so buyers should be patient but…