There are 3 percent fewer homes on the market than a year ago, with the median home value hitting its highest point since June 2007, according to Zillow’s February Real Estate Market Reports
– U.S. home values rose 6.9 percent over the past year to a Zillow Home Value Index (ZHVI) of $195,700 in February.
– Rents rose 1.2 percent over the past year to a Zillow Rent Index (ZRI) of $1,406 per month.
– Inventory shortages will be a big concern for buyers going into home shopping season — there are about 3 percent fewer homes for sale this year than last.
– Minneapolis, Cincinnati and Detroit reported the greatest drop in homes for sale over the past year.
– Mortgage rates on Zillow ended February at 3.89 percent, down from 4.01 percent at the start of the month.
