Zillow recently released its Q1 2016 Market Report, noting that inventory across the nation has dropped almost 6 percent annually, with over 10 percent decreases in both bottom and middle-tier homes. The real estate website estimates the national Zillow Home Value Index (ZHVI) at $186,200 in the first quarter of 2016.
Other significant findings from the report include:
- There are 5.9 percent fewer homes for sale in the U.S. than a year ago.
- There are 10.4 percent fewer entry-level homes for sale in the U.S. than a year ago.
- Low supply is driving up home prices among entry-level homes, which are often sought after by first-time buyers.
- National home values rose 4.8 percent to $186,200, according to the first quarter Real Estate Market Reports. Rents rose 2.6 percent to $1,389.
Despite national trends, inventory in the Miami/Fort Lauderdale metro area rose overall. Although bottom-tier inventory fell 3.6 percent, middle and top-tier inventory increased 7.8 and 15.4 percent, adding up to 40,561 listings in the area.
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Home values in Miami and Fort Lauderdale increased across the board. The ZHVI of bottom, middle and top-tier homes in the metro area rose 11.7 percent, 10.5 and 6.3 percent, respectively, to reach an average of $230,600.
