|A typical home in the US was worth $200,400 in June, smashing through the $200K barrier for the first time.
The record was set following a 7.4% year-over-year rise in the median home value according to Zillow, as the number of homes available to buy dropped 11%, the biggest drop in inventory since July 2013.
“The national housing market remains red hot and shows no signs of slowing, even as some local markets like the Bay Area have noticeably cooled,” said Zillow Chief Economist Dr. Svenja Gudell.
He added that even in the cooling areas, tight supply and strong demand is leading to fierce competition.
The fastest-rising home values are in Seattle (13%), Dallas (10.5%) and Las Vegas (10%) while the markets with the biggest drops in inventory are San Jose (40%), Columbus, OH and San Diego (both dropping 33%).
Meanwhile those hoping to save for a downpayment while renting are 1.1% worse off from a year ago. Rents have risen to a median $1,422 with a 5% jump in Seattle, 4.5% in Sacramento and 4% in Los Angeles.
Those would-be first-time buyers in Pittsburgh have seen rents drop 4% while renters in Houston, Miami, San Jose and San Francisco are also among 12 of the 35 largest metros where rent has fallen.