![]() Sales measured by newly pending listings climbed 9.5% from April, shrinking the year-over-year decline to 18% in May and marking steady improvement since March. The number of homes for sale on Zillow in May was 3.1% lower than last year - the former low-water mark - and a massive 46% below that of May 2019. The lack of new listings, paired with resolute demand from buyers, has driven prices up and total inventory down to record lows for this time of year. Even without intentions to buy again, anyone with a mortgage at a rate under 4% might be unwilling to sell when there’s a possibility to rent out the home for more than their carrying costs. The chief driver is still higher mortgage rates, which make a new loan unattractive when the majority of mortgaged homes are currently financed for less than 4%. The flow of new listings was down 23% year over year in May – a milder drop than in April but nearly equal to that of March. Home values rose faster than the national average for the second straight month in San Jose (1.9%), Seattle (1.7%) and San Francisco (1.4%).Ī shortage of new listings has dogged the housing market for almost a year. ![]() Price growth also sprang back in West Coast tech hubs after falling significantly there late in 2022. The largest monthly home value gains are in the Midwest – where Columbus, Ohio, led the way (2.2% monthly gain), followed closely by Cincinnati, Detroit, Richmond and Milwaukee. That monthly payment is 22% higher than last year, double that of May 2019, and the second highest on record after October 2022.Īffordability is still crucial for demand, and that’s reflected in the markets that are appreciating fastest. would feature monthly mortgage payments just shy of $1,800. We are always working to improve Zillow’s apps.A new loan on a home priced at the typical value in the U.S. Easily share results with your spouse or partner from the app.HARP quoting provides custom refinance rates for homeowners who are upside down on their mortgage.Find a HELOC lender to see if you can tap into your home equity.Compare the latest refinance rates to see if you can lower your interest rate.Refinance calculator estimates your breakeven point and shows money savings over time.“Call lender” function allows you to contact lenders directly through the app.Rate history makes it easy to come back and compare past rates with current quotes. ![]() Find a local lender to discuss your loan options and help you get pre-qualified to buy a home.Get real-time mortgage rates based on your location and loan requirements.Compare mortgage rates, APRs, fees, monthly payments, loan lengths and more with customized quotes from 100+ lenders.Estimate your monthly mortgage payment with our mortgage payment calculator.Find out how much you can afford to spend on a new home with our home affordability calculator. ![]() Remember, it’s best to talk to at least three different lenders when shopping for a mortgage to find the right loan for you. Our app makes it easy to reach a local lender, whether you’re looking to purchase or refinance a home. Find a local lender in minutes who can help you get pre-qualified for a mortgage, and show sellers that you’re a serious and credible buyer. Use Zillow calculators to find out what you can afford, and gain control of the home-finance process with live, customized mortgage rates from multiple lenders, all in one place. Homeownership may be closer than you think. ![]()
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