2023-08-16 07:00:00
Real estate marketplace company Zillow has shared the July market reportwhich notes that home prices rose almost one percent last month.
The typical home value in the United States increased 0.9% from June to July. According to Zillow, the typical home value in the United States is at an all-time high of $349,679, which is 1.4% higher than in July of last year.
Metro areas that experienced the largest monthly increase in home values in July were Hartford (2.1% increase from June), Pittsburgh (1.5%), Chicago (1.4%), New York (1.5%), 4% ), and Boston (1.3%).
On the other hand, annual price gains were highest in Hartford (5.7%), Richmond (5.4), Philadelphia (5.3), Miami (5.3), and Milwaukee (5.2).
According to the company’s analysis, purchasing conditions are expected to improve for the rest of 2023. Meanwhile, learn regarding the cities in the country where housing prices are lower than the national average.
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In these US cities, housing is cheaper than the national average
In July, home values grew in all major metropolitan areas except for Austin, which saw typical home values decline by -0.5% in July. Meanwhile, the slowest monthly growth was recorded in San Antonio (0.2%), Denver (0.2%), Birmingham (0.3%) and Memphis (0.3%).
On the other hand, home values are below levels recorded a year ago in 23 of the 50 largest metropolitan areas. The biggest drops are in Austin (-10.4%), Phoenix (-6.1%), Las Vegas (-6.0%), San Francisco (-5.0%) and Sacramento (-3.9 %).
As for the main metropolitan areas, these are the ones that registered prices lower than the national average of $349,679 dollars:
Pittsburgh, Pennsylvania, $208,599 Cleveland, Ohio, $218,987 Oklahoma City, Oklahoma $228,796 Memphis, Tennessee, $235,979 Louis, Missouri, $244,279 New Orleans, Louisiana, $244,685 Detroit, Michigan, $246,107 Birmingham, Alabama, $249,721 Louisville, Kentucky, $251,541 Buffalo, New York, $252,443 Indianapolis, Indiana, $272,561 Cincinnati, Ohio, $274,843 San Antonio, Texas, $293,543. 323 Kansas City , Missouri, $295,321 Houston, Texas, $304,919 Columbus, Ohio, $306,732 Chicago, Illinois, $308,628 Milwaukee, Wisconsin, $331,480 Virginia Beach, Virginia, $337,642 Hartford, Connecticut, $340,662 Philadelphia, Pennsylvania $348,838
Here you can consult the house prices in the rest of the metropolitan areas in the U.S.
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