Home values rising fastest in most expensive metros

Buyers in the costliest major U.S. metros are seeing prices increase faster than anywhere else, according to a new report by Zillow.

Monthly home value growth is highest in San Jose, at 3.3%. San Francisco, Seattle, San Diego and Los Angeles all have price growth of 2% or more. These five metros are the most expensive markets among the 50 largest in the U.S., as well as where the highest share of homeowners are likely locked into their mortgage.

“Bidding wars are common in these markets, all of which ranked among the top 10 for share of homes sold over asking price in February,” according to the report. “Buyers are competing over few choices; all of these metros have seen below-average recovery in inventory compared to before the pandemic.”

Read more: Zillow

 

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