by Nick Marr 
Zillow housing market report for June 2024, the typical home value in the U.S. reached $362,482, marking a 0.6% increase from last month and a 3.2% rise compared to last year. This growth rate is the lowest for any June since 2011. For international buyers considering the U.S. market, the typical monthly mortgage payment (assuming a 20% down payment) stands at $1,918.
Home values saw monthly increases in 45 of the 50 largest U.S. metro areas. The most significant gains were in Buffalo (1.6%), Cleveland (1.6%), Pittsburgh (1.4%), Providence (1.3%), and Hartford (1.3%). Conversely, slight declines were observed in Austin (-0.1%), Phoenix (-0.1%), and Tampa (-0.1%). Home values remained steady in New Orleans and Denver.
On a year-over-year basis, home values have risen in 46 of the 50 largest metro areas, with the highest annual gains in San Jose (12%), Hartford (10.5%), San Diego (9.4%), Providence (7.7%), and Los Angeles (7.6%). However, New Orleans (-6%), Austin (-4.6%), San Antonio (-2.7%), and Birmingham (-0.6%) experienced declines.
The typical mortgage payment has increased by 6% from last year and has surged by 112.5% since pre-pandemic levels.
Inventory & New Listings
For those eyeing the U.S. market, new listings decreased by 9.2% month over month in June and by 0.1% compared to last year. New listings are currently 25.6% lower than pre-pandemic levels. However, total inventory increased by 4% from the previous month and by 22.7% compared to last year. Inventory levels are still 32.6% lower than pre-pandemic figures, but this gap is the smallest since November 2020.
Price Cuts & Homes Sold Above List
In June, 24.5% of listings had a price cut, up from 23.8% the previous month, marking the highest share for any June since Zillow began tracking this data in 2018. Last June, 22.5% of listings had price cuts. Meanwhile, 35.2% of homes sold above their list price in May, up 1.9 percentage points from the previous month. Last May, 40.5% of homes sold above their list price.
Newly Pending Sales
Newly pending sales decreased by 4.9% in June compared to the previous month and by 4.4% from last year. The median days to pending (the typical time since initial listing for homes that went under contract) was 15 days in June, two days longer than the previous month and four days longer than last year.
Market Heat Index
Zillow’s market heat index indicates a sellers’ market across the U.S. The strongest sellers’ markets are in Buffalo, Hartford, San Jose, San Francisco, and Providence. On the other hand, New Orleans, Miami, Austin, Jacksonville, and Tampa are currently the strongest buyers’ markets.
For international buyers, these insights provide a detailed snapshot of the U.S. housing market, highlighting opportunities and trends in various metro areas.
