“The housing market continued its gradual return to some semblance of normalcy in September, helped by the typical seasonal cooldown in shopping conditions that we expect to see every fall,” Zillow Senior Economist Jeff Tucker said in a release.
Monthly growth ranged from .4 percent appreciation in San Jose, Calif., to 3 percent in Raleigh, N.C.
Despite the modest cooling, September marked the fourth-fastest monthly pace of appreciation and a record pace of yearly appreciation in Zillow data dating back to 2000.
The inventory shortage remains acute in much of the country, down 19.9 percent year-over-year and 37.7 percent below 2019 levels.
As homes are staying on the market longer, a higher percentage of them are seeing price cuts.