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Home-price growth decelerates in major U.S. cities


Several cities saw a significant slowing in home-price appreciation in 2018, according to Zillow.

In 19 of the nation’s 35 largest U.S. markets, the annual rate of home-value appreciation in December was down compared to the end of year in 2017, the company said. Median home-value growth slowed by 3 percentage points or more in five major U.S. markets.

Seattle’s home-value appreciation decelerated the most. In 2018, home values were up 5 percent year over year in December. That compared to the annual growth of 12.4 percent in 2017, a deceleration of 7.4 percentage points.

Other markets that were cooling off significantly included San Jose, California (annual deceleration in price growth of 6.9 percentage points); Philadelphia (down 3.4 points); Sacramento (down 3.3 points); and Los Angeles (down 3.1 points).

On a nationwide basis, however, the annual rate of growth on a U.S. median house remained stable at the end of 2018 compared to 2017. The typical U.S. house was valued at $223,900 in December, up 7.6 percent compared to 2017, Zillow said.

Homes accelerated in value in 16 cities. In Indianapolis, the annual growth was 12.8 percent, compared to 5.9 percent in 2017. This was a change of 6.8 percentage points, the most of any city, according to Zillow. 


 

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