Zillow is out with our first look of September numbers and the results are a bit all over the map.
In more evidence of a moderating market, U.S. home values as a whole remained unchanged compared to August 2022. For a number of pandemic hotspots, however, the tide has certainly turned.
According to the September preview report, Phoenix, Las Vegas, New Orleans and Austin saw some of the largest home value declines last month. Locally, Riverside also found itself in the bottom five, down .94 percent.
Active inventory climbed 3 percent in September, year-over-year, but remains far below pre-pandemic norms. The flow of new for-sale listings coming on the market was down 16.2 percent from last year.
The number of newly pending listings in September dropped a whopping 29.3 percent compared to last September, in part because of a sharp deceleration in activity at the end of the month. Meanwhile, rent growth fell to .3 percent month-over-month, the lowest monthly growth rate since January 2021.