According to Zillow, beginning in May of this year, annual appreciation has been slower in each month than the month prior, and home values grew at a 6.5 percent annual rate in September.
Zillow describes this slower appreciation rate as a “slow glide path down to more normal, sustainable levels.” Zillow attributes the unhealthy, rapid home value growth during the immediate post-bottom recovery phase to incredibly low mortgage interest rates, very low home values, and constrained inventory.
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