Prices down 14% since peak, Rents stable

Prices are down 14% on sun belt moderately priced SFH since the July 16th peak.

Charlotte, Image credit: Wikicommons

This is happening amid much lower transaction volume as mortgages have become 30% less affordable.

Rents have increased 20% to 40% when the eviction moratorium ended, and corrected 10%-5% down as prices were first bid-up by new affluent renters looking for larger housing in the burbs.

As buying became unaffordable, we expect rental yields to have more potential to rise.

Affordable Markets Still Winning

Zillow research is predicting the most gains in dynamic, affordable cities. It appears that rebalancing between knowledge worker cities NY/SF and sunbelt middle class cities is still happening, manifesting itself as price swings occur.