Zillow Releases Finalized 12-Month Outlook

Real estate giant Zillow has released its finalized 12-month outlook, projecting that U.S. home values will fall by 1.1% from November 2022 to November 2023. This is slightly more than the 0.7% decrease reported last week, and it is a sign of a continued slowdown in the housing market from both buyers and sellers. The key factor in this outlook will be whether inventory declines slower than usual during the winter months or starts increasing earlier than usual - typically bottoming out in early March each year. The growth in typical asking prices also slowed for the second week in a row, decreasing from 9.5% to 8.7%. Zillow's chief economist, Jiayi Xu, commented on the outlook saying "This week’s data continues to show a slowdown in the housing market from both home buyers and sellers." She went on to say that this could have an impact on overall economic activity if it continues for an extended period of time as well as potentially leading to higher mortgage rates down the line due to decreased demand for homes. For now though, Zillow's outlook remains cautiously optimistic with no major changes expected over the next year barring any unforeseen events or circumstances that could alter these projections significantly one way or another. It will be important for potential homebuyers and sellers alike to keep an eye on how things develop over this period so they can make informed decisions when it comes time to purchase or sell their homes accordingly.