As homebuyers try to get more for their money and flee the expensive coastal housing markets, the largest jumps in annual home appreciation took place all around the country's interior, according to Zillow.
The average U.S. home was valued at $223,900 in December 2018, a 7.6%
"Looking at the nation as a whole, housing appreciation seems stabilized at an arguably aggressive pace," Skylar Olsen, Zillow's director of economic research and outreach, said in a press release. "The exceptions to the rule are the metros that saw the fastest appreciation over the past few years, where home values far outpaced incomes."
Atlanta experienced the highest climb in home values, seeing a 13.2% growth from a year ago. Las Vegas came second with 13% and Indianapolis was third at 12.8%. Contrarily, Washington had the lowest growth with 3.5%, followed by Philadelphia at 3.6% and Los Angeles at 3.9%.
"Employment growth continues, but that kind of extreme home value growth isn't sustainable, and homebuyers' willingness and ability to outbid each other is falling back fast," Olsen continued. "We expect continued slowdowns in those expensive coastal markets. A three-month trend in increasing inventory ended, telling buyers that the pendulum hasn't fully swung in their favor for this year's home shopping season."
After three
The housing markets that saw the largest boost to their inventory are those where