Home Price Plateau Continued in October While Rising Interest Rates Chilled Sales (October 2022 Market Report)

Home values inched up 0.1% in October, as tight inventory kept pricing surprisingly resilient. Still, this flicker of demand strength might be a belated response to the late-summer drop in mortgage rates, to an average of 5.22% in August on a 30-year fixed loan, which gave some buyers a reason to jump off the fence and buy then.

The Numbers

October 2022
U.S. Typical Home Value (Zillow Home Value Index)
$358,458
October 2022
Change in Typical Home Value From Last Month
0.1%
October 2022
U.S. Typical Monthly Rent (Zillow Observed Rent Index)
$2,040
October 2022
Change in Typical Rent From Last Year
+9.6%
See more...

The Numbers

October 2022
U.S. Typical Home Value (Zillow Home Value Index)
$358,458
October 2022
Change in Typical Home Value From Last Month
0.1%
October 2022
U.S. Typical Monthly Rent (Zillow Observed Rent Index)
$2,040
October 2022
Change in Typical Rent From Last Year
+9.6%
See more...