Washington state scores better with home sellers’ nation wide

If you're looking to buy a house, it really is all about where you want to live. There seems to be two distinctive areas in the United States right now where prices are either high or low, and that always hinges on supply and demand. Zillow has done a little research on this. (OK, more than a little.) And they have some interesting numbers. 

According to axios.com, 
‘The price data shows that the housing story is more complicated than affordability and still-high mortgage rates, which have cratered demand nationwide. Zoning laws, climate risks and economic vibes also play a big role. 
Ultimately, this tale of two housing markets is all about supply. In the places facing shortages of available homes, and less newly constructed housing, prices are holding up.’ 

Who is high, who is low

So, we are seeing prices dropping just a little bit in the Northwest, but in the South prices are dropping anywhere from 5 to 4%, depending on your region. Meanwhile, prices in the Northeast are going up.  

Home prices in Austin, TX are down by 5.8%. In Tampa, FL, prices are down as low as 5.7%. In the Northwest, price drops are actually very modest with a 0.7% drop in Portland Oregon. The Seattle metro market is down by 0.4%. 

One thing to keep in mind is it's not just about new homes being built, but it's also about people moving out of areas where they're just tired of the weather. If you're in the South, you may be tired of hurricanes and flooding and higher insurance rates. 

prices are up in the Northeast

In the Northeast, home prices are up. Louisville, KY is up by 4.2%. Cleveland, OH is up by 4.3%. New York, NY is up by 4.1%.  

One last thing to keep in mind is even if prices are a little down where you're living. Remember your current home price is probably higher than it was in 2019, right before the housing market exploded.