A one-month drop isn?t a trend yet, but Zillow estimates show that the market has signaled this for some time now Signals in the housing market have been pointing to a potential drop in home prices for almost a year now, and according to a new report from listings giant Zillow, it?s finally happened.
The company published data for the month of April that show the median home value has dropped compared to a month ago in each of the 35 biggest markets in the U.S., except for New York, which didn?t change at all.
This collective dip in markets across the county caused the median home value for the U.S. as a whole to drop by 0.1 percent, the first time the median home value dropped nationally in seven years.
Zillow?s median home value is its ?Zestimate,? an estimation of home values in a city calculated in part based on sales in the area.
Home prices have been on the upswing since the housing market bottomed out after the financial crisis of 2008, when millions lost their homes to foreclosure and prices went into free fall, a dramatic collapse thought to be unthinkable in the usually steady housing market.
Over time, home prices recovered and eventually surpassed their pre-crisis peaks. Heading into the summer of 2018, the number of homes for sale was so low that one realtor Curbed spoke with predicted that summer would be ?the most competitive housing market in recorded history.?
But the anticipated bidding wars over the few houses that were for sale never materializ...