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Bill Ward/Flickr
Home prices are rising faster than Zillow expected.
The real-estate company forecast that prices in April would rise 2% year-over-year, but they jumped nearly 5%, according to its home-value index.
The story is the same: Strong demand from homebuyers coupled with tight inventories is pushing up prices . That has caused bidding wars in some hotbeds like San Francisco.
"The struggle will continue for home shoppers this summer," Zillow chief economist Svenja Gudell said in a report out Tuesday .
"In many markets, those looking to buy a home in the bottom or middle of the market will need to be prepared for bidding wars and homes selling for over the asking price."
Using Zillow's data, we selected the 18 markets in which the year-on-year home-value change was higher than the national print of 4.9% and ranked them in ascending order. We also included the percent inventory change in bottom- and middle-tier homes, where supply is tightest, as well as the change for condos.
Here they are:
St. Louis
Shutterstock
Zillow Home Value Index: $142,900
YoY home value change: 5.4%
Percent inventory change for all homes: -8.10%
Bottom tier percent inventory change: -7%
Middle tier percent inventory change: -12.5%
Condo percent inventory change: -11%
Boston
Katie Haugland/Flickr
Zillow Home Value Index: $390,300
YoY home value change: 5.5%
Percent inventory change for all homes: -6.4%
Bottom-tier percent inventory change: -22.3%
Middle-tier percent inventory change: -14%
Condo percent inventory change: -7.1%
Minneapolis-St. Paul
Shutterstock/Rudy Balasko
Zillow Home Value Index: $222,000
YoY home value change: 5.6%
Percent inventory change for all homes: -0.7%
Bottom-tier percent inventory change: -4.3%
Middle-tier percent inventory change: -9.3%
Condo percent inventory change: 0.9%
San Diego
Shutterstock/Sebastien Burel
Zillow Home Value Index: $507,100
YoY home value change: 5.6%
Percent inventory change for all homes: 9%
Bottom-tier percent inventory change: -0.6%
Middle-tier percent inventory change: 13.3%
Condo percent inventory change: 8.6%
Charlotte
digidreamgrafix/Shutterstock
Zillow Home Value Index: $161,100
YoY home value change: 5.6%
Percent inventory change for all homes: -17.2%
Bottom-tier percent inventory change: -22.9%
Middle-tier percent inventory change: -31.3%
Condo percent inventory change: n/a
Houston
Houston, Texas
Flickr/houstontranstar
Zillow Home Value Index: $173,300
YoY home value change: 5.9%
Percent inventory change for all homes: 7.1%
Bottom-tier percent inventory change: n/a
Middle-tier percent inventory change: n/a
Condo percent inventory change: -5.2%
Los Angeles
iStock / ViewApart
Zillow Home Value Index: $567,700
YoY home value change: 6%
Percent inventory change for all homes: -8%
Bottom-tier percent inventory change: -19.4%
Middle-tier percent inventory change: -10.8%
Condo percent inventory change: -14.2%
Atlanta
Flickr / downeym
Zillow Home Value Index: $164,000
YoY home value change: 6.5%
Percent inventory change for all homes: -12.5%
Bottom-tier percent inventory change: -19.7%
Middle-tier percent inventory change: -20.7%
Condo percent inventory change: -4.2%
Detroit
Downtown Detroit is seen from a vacant lot, looking south along Woodward Avenue
Thomson Reuters
Zillow Home Value Index: $124,200
YoY home value change: 6.8%
Percent inventory change for all homes: -13.2%
Bottom-tier percent inventory change: -6.5%
Middle-tier percent inventory change: -23.7%
Condo percent inventory change: -3%
Riverside, California
Shutterstock/Jon Bilous
Zillow Home Value Index: $307,300
YoY home value change: 7.6%
Percent inventory change for all homes: -5.2%
Bottom-tier percent inventory change: -2.1%
Middle-tier percent inventory change: -12.8%
Condo percent inventory change: 10.50%
Phoenix
Flickr/Jerry Ferguson
Zillow Home Value Index: $220,600
YoY home value change: 8.8%
Percent inventory change for all homes: -8%
Bottom-tier percent inventory change: -20.20%
Middle-tier percent inventory change: -6.6%
Condo percent inventory change: 15.6%
Tampa
Shutterstock/Sean Pavone
Zillow Home Value Index: $165,600
YoY home value change: 9.7%
Percent inventory change for all homes: -16.2%
Bottom-tier percent inventory change: -27.9%
Middle-tier percent inventory change: -19.3%
Condo percent inventory change: -12.80%
San Francisco
Shutterstock
Zillow Home Value Index: $806,800
YoY home value change: 10%
Percent inventory change for all homes: -2.1%
Bottom-tier percent inventory change: -14.9%
Middle-tier percent inventory change: 0.10%
Condo percent inventory change: 11.9%
Miami-Fort Lauderdale
Wikimedia Commons
Zillow Home Value Index: $232,800
YoY home value change: 10.5%
Percent inventory change for all homes: 18%
Bottom-tier percent inventory change: 10.3 %
Middle-tier percent inventory change: 16.6%
Condo percent inventory change: 28.7%
Seattle
Shutterstock
Zillow Home Value Index: $386,300
YoY home value change: 11.6%
Percent inventory change for all homes: -21.10%
Bottom-tier percent inventory change: -28.50 %
Middle-tier percent inventory change: -20.90%
Condo percent inventory change: -23.90%
Dallas-Fort Worth
Shutterstock
Zillow Home Value Index: $183,700
YoY home value change: 12.6%
Percent inventory change for all homes: -21.00%
Bottom-tier percent inventory change: -32.10 %
Middle-tier percent inventory change: -35.10%
Condo percent inventory change: -33.60%
Portland
RentCafe
Zillow Home Value Index: $325,400
YoY home value change: 15.1%
Percent inventory change for all homes: -31.6%
Bottom-tier percent inventory change: -39.8 %
Middle-tier percent inventory change: -39%
Condo percent inventory change: -43.5%
Denver
Kyla Duhamel/Flickr
Zillow Home Value Index: $336,600
YoY home value change: 15.2%
Percent inventory change for all homes: 0.1%
Bottom-tier percent inventory change: -2.3 %
Middle-tier percent inventory change: 15.3%
Condo percent inventory change: 6.8%
