Home prices are getting out of control in these 18 American markets

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Bill Ward/Flickr

Home prices are rising faster than Zillow expected.

The real-estate company forecast that prices in April would rise 2% year-over-year, but they jumped nearly 5%, according to its home-value index.

The story is the same: Strong demand from homebuyers coupled with tight inventories is pushing up prices. That has caused bidding wars in some hotbeds like San Francisco.

“The struggle will continue for home shoppers this summer,”Zillowchief economistSvenja Gudell said in a report out Tuesday.

“In many markets, those looking to buy a home in the bottom or middle of the market will need to be prepared for bidding wars and homes selling for over the asking price.”

Using Zillow’s data, we selected the 18 markets in which the year-on-year home-value change was higher than the national print of 4.9% and ranked them in ascending order. We also included the percent inventory change in bottom- and middle-tier homes, where supply is tightest, as well as the change for condos.

Here they are:


St. Louis

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Shutterstock

Zillow Home Value Index: $142,900

YoY home value change: 5.4%

Percent inventory change for all homes: -8.10%

Bottom tier percent inventory change: -7%

Middle tier percent inventory change: -12.5%

Condo percent inventory change: -11%


Boston

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Katie Haugland/Flickr

Zillow Home Value Index: $390,300

YoY home value change: 5.5%

Percent inventory change for all homes: -6.4%

Bottom-tier percent inventory change: -22.3%

Middle-tier percent inventory change: -14%

Condo percent inventory change: -7.1%


Minneapolis-St. Paul

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Shutterstock/Rudy Balasko

Zillow Home Value Index: $222,000

YoY home value change: 5.6%

Percent inventory change for all homes: -0.7%

Bottom-tier percent inventory change: -4.3%

Middle-tier percent inventory change: -9.3%

Condo percent inventory change: 0.9%


San Diego

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Shutterstock/Sebastien Burel

Zillow Home Value Index: $507,100

YoY home value change: 5.6%

Percent inventory change for all homes: 9%

Bottom-tier percent inventory change: -0.6%

Middle-tier percent inventory change: 13.3%

Condo percent inventory change: 8.6%


Charlotte

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Shutterstock/digidreamgrafix

Zillow Home Value Index: $161,100

YoY home value change: 5.6%

Percent inventory change for all homes: -17.2%

Bottom-tier percent inventory change: -22.9%

Middle-tier percent inventory change: -31.3%

Condo percent inventory change: n/a


Houston

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Houston, Texas
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Flickr/houstontranstar

Zillow Home Value Index: $173,300

YoY home value change: 5.9%

Percent inventory change for all homes: 7.1%

Bottom-tier percent inventory change: n/a

Middle-tier percent inventory change: n/a

Condo percent inventory change: -5.2%


Los Angeles

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iStock / ViewApart

Zillow Home Value Index: $567,700

YoY home value change: 6%

Percent inventory change for all homes: -8%

Bottom-tier percent inventory change: -19.4%

Middle-tier percent inventory change: -10.8%

Condo percent inventory change: -14.2%


Atlanta

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Flickr / downeym

Zillow Home Value Index: $164,000

YoY home value change: 6.5%

Percent inventory change for all homes: -12.5%

Bottom-tier percent inventory change: -19.7%

Middle-tier percent inventory change: -20.7%

Condo percent inventory change: -4.2%


Detroit

source
Thomson Reuters

Zillow Home Value Index: $124,200

YoY home value change: 6.8%

Percent inventory change for all homes: -13.2%

Bottom-tier percent inventory change: -6.5%

Middle-tier percent inventory change: -23.7%

Condo percent inventory change: -3%


Riverside, California

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Shutterstock/Jon Bilous

Zillow Home Value Index: $307,300

YoY home value change: 7.6%

Percent inventory change for all homes: -5.2%

Bottom-tier percent inventory change: -2.1%

Middle-tier percent inventory change: -12.8%

Condo percent inventory change: 10.50%


Phoenix

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Flickr/Jerry Ferguson

Zillow Home Value Index: $220,600

YoY home value change: 8.8%

Percent inventory change for all homes: -8%

Bottom-tier percent inventory change: -20.20%

Middle-tier percent inventory change: -6.6%

Condo percent inventory change: 15.6%


Tampa

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Shutterstock/Sean Pavone

Zillow Home Value Index: $165,600

YoY home value change: 9.7%

Percent inventory change for all homes: -16.2%

Bottom-tier percent inventory change: -27.9%

Middle-tier percent inventory change: -19.3%

Condo percent inventory change: -12.80%


San Francisco

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Shutterstock

Zillow Home Value Index: $806,800

YoY home value change: 10%

Percent inventory change for all homes: -2.1%

Bottom-tier percent inventory change: -14.9%

Middle-tier percent inventory change: 0.10%

Condo percent inventory change: 11.9%


Miami-Fort Lauderdale

source
Wikimedia Commons

Zillow Home Value Index: $232,800

YoY home value change: 10.5%

Percent inventory change for all homes: 18%

Bottom-tier percent inventory change: 10.3%

Middle-tier percent inventory change: 16.6%

Condo percent inventory change: 28.7%


Seattle

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Shutterstock

Zillow Home Value Index: $386,300

YoY home value change: 11.6%

Percent inventory change for all homes: -21.10%

Bottom-tier percent inventory change: -28.50%

Middle-tier percent inventory change: -20.90%

Condo percent inventory change: -23.90%


Dallas-Fort Worth

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Shutterstock

Zillow Home Value Index: $183,700

YoY home value change: 12.6%

Percent inventory change for all homes: -21.00%

Bottom-tier percent inventory change: -32.10%

Middle-tier percent inventory change: -35.10%

Condo percent inventory change: -33.60%


Portland

source
RentCafe

Zillow Home Value Index: $325,400

YoY home value change: 15.1%

Percent inventory change for all homes: -31.6%

Bottom-tier percent inventory change: -39.8%

Middle-tier percent inventory change: -39%

Condo percent inventory change: -43.5%


Denver

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Kyla Duhamel/Flickr

Zillow Home Value Index: $336,600

YoY home value change: 15.2%

Percent inventory change for all homes: 0.1%

Bottom-tier percent inventory change: -2.3%

Middle-tier percent inventory change: 15.3%

Condo percent inventory change: 6.8%


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ctj71081/Flickr

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