Phoenix No. 2 in U.S. for increase in home values
Continued torrid growth in the housing market paired with a long-awaited bump in inventory in May, according to Zillow’s latest Market Report. Home value appreciation — particularly Phoenix home values — continues to break records and typical time on market is down to just six days. Meanwhile, rents are rising quickly across the U.S., breaking out after growth was stymied under the pandemic.
Inventory is finally showing signs of recovery at the national level after nearly a year of steady decline. The 3.9% month-over-month gain in May is the first uptick since July 2020 and only the fifth seen in the last 24 months. Of the top-50 largest U.S. markets, only six saw inventory fall from April. Inventory across the U.S. is down 31.2% since May 2020, an improvement over the 32.8% annual decline seen in April….