The year-over-year growth pace of US home value slowed in July as the market steadied to a more affordable rate for buyers after years of favoring sellers.
The value of a typical US home climbed 5.2% year over year to $229,000, the slowest annual appreciation recorded since October 2015, according to a report by Zillow. During the same period a year ago, home values grew 7.7% annually.
Salt Lake City saw the most growth among the 50 largest US markets with home values increasing 9.4% since July last year. Indianapolis took the second slot with an 8.1% increase, followed by Charlotte, N.C., with a 7.3% gain.
Zillow found that growth in the three markets, like in the majority of large metros nationwide, was slower than the previous year.
Meanwhile, home value growth slowed down in some of the priciest west coast markets and more-affordable markets including San Jose, San Francisco, Las Vegas, Seattle, and Dallas. Home values in the expensive Bay Area had dropped, with a 10.5% annual decline in San Jose and a 1.1% decline in San Francisco.