Home prices are up in 47 of the nation's 50 largest housing markets

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This weekend, ResiClub PRO members will get an updated version of the Lance Lambert Home Price Tracker. It’ll include updated analysis for 800 metros and over 3,000 counties. It’ll also include a round up of metro-level home price forecasts.

This week, the Zillow Home Value Index published its home price reading for January.

Let’s take a look at Zillow’s reading for the nation’s 50 largest metropolitan areas housing markets

1. MoM (month-over-month) = December 2023 to January 2024

2. YoY (year-over-year) = January 2023 to January 2024

3. Shift since 2022 peak = Price shift since that market’s peak price in 2022

4. Shift since March 2020 = March 2020 to January 2024

Nationally, home prices were up +3.6% between January 2023 and January 2024. Among the 50 largest housing markets, 47 markets are up on a year-over-year basis. Only Austin, San Antonio, and New Orleans are still falling on a year-over-year basis.

Keep in mind, ResiClub analyzed Zillow’s price data without seasonal adjustment. It's normal for January home prices to be down a little month-over-month.

According to an analysis by RealPage, a property management software company in the multifamily sector, 2024 will see the most apartment units completed since 1974, the year Richard Nixon resigned.

We're already beginning to see it: Today, the U.S. Census Bureau reported that multifamily completions last month reached the second highest reading since 1987.

However, a lot of these apartments were financed when interest rates were still at ultralow levels. After 2024, multifamily completions should roll over. At least that's what housing starts, permits, and private surveys are signaling.