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11% Of Americans Moved During The Pandemic: Zillow Survey


Inman Connect
The pandemic has upended the way millions of Americans live and work, which has led to what experts call “The Great Reshuffling” from urban coastal hubs to nearby or far-flung suburbs with more space and lower prices.
According to a Zillow survey of 2,500 Americans released on Tuesday, 11 percent of buyers moved last year with the majority (75 percent) leaving their locales to take advantage of lower home prices or be closer to family. Another 70 percent said they’d consider making a move once there’s widespread vaccine distribution.
“The pandemic brought an acceleration of trends we were seeing in 2018 and 2019,” Zillow Senior Economist Jeff Tucker said in the survey. “More affordable, medium-sized metro areas across the Sun Belt saw significantly more people coming than going, especially from more expensive, larger cities farther north and on the coasts.” ....

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Annual Home Price Growth Reaches Highest Level Since 2006


Increased buyer demand spurred by historically low-interest rates has pushed annual home value growth to the highest level since 2006, according to Zillow’s latest market report released on Friday.
Zillow Home Value Index increased to $269,039 in December, representing the highest level of annual growth (9.1 percent) seen since 2006. The ZHVI also broke records for month-over-month growth, with it matching the previous December all-time high in 1996 (1.1 percent). Despite the boom in home prices, the January time-on-market decreased to 18 days beating the 2019 and 2020 average of 46 days.
“Homebuying demand has pushed the pedal to the metal for price appreciation this winter,” Zillow Senior Economist Jeff Tucker said in the report. “Normally we’d be talking about the spring selling season ramping up, but it looks more like last summer’s selling season simply never ended.” ....

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