Annual home value growth in November reached its lowest point since January 2013, according to a report from Zillow.
According to the report, overall home value growth in November grew 3.8 percent to $243,225, and now has slowed in each of the past 19 months.
“As we approach the winter holidays, housing, too, is taking a breather,” Zillow Director of Economic Research Skylar Olsen said in a release. “Motivated sellers trying to close before the end of the year dropped their list prices in September and October, with November numbers showing the expected quiet in listing activity.
“That quiet is echoed by the slower annual appreciation and the lower-than-normal available inventory,” Olsen said. “But as we anticipate longer days to come, so too we anticipate some relief for housing. Lifting housing starts and permit numbers, strong jobs reports and the steady progress towards more stable and sustainable home value appreciation all point to a healthier 2020 for housing.”
Zillow said only San Antonio and Washington, D.C. grew at a faster annual rate in November than one year earlier. During November, home value growth slowed the most in San Jose, Calif.; Las Vegas; San Francisco; and Seattle.
Home value growth in November was the highest in Phoenix (6.1 percent); Columbus, Ohio (5.9 percent); Charlotte, N.C. (5.8 percent); and Indianapolis (up 5.7 percent).