According to the latest Zillow market report, U.S. home values took an uncharacteristic downtick in September 2023, as competition is easing faster than normal this fall as buyers contend with the highest mortgage rates in more than 22 years.

“Mortgage rates approaching 8% are taking the wind out of the market’s sails, pushing monthly mortgage payments beyond many buyers’ budgets,” said Jeff Tucker, Zillow senior economist. “While attractive listings are still moving at a brisk clip, competition among buyers is fading quickly due to the shock of mortgage rates on top of normal autumn seasonality.”

Home values tick down

U.S. home values took a short step backward from August to September, falling 0.1%. That’s not nearly as pronounced as the 0.8% monthly decline seen in September 2022, but a step backward is still unusual for this time of year. Between 2015 and 2019, monthly growth in September hovered between 0.1% and 0.4%2.

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