Houston area home values continued their upward track, while rental rates dropped in June, a new report showed.
The median home value in the area rose 3.9 percent year-over-year to $178,400 in June, according to the June Zillow Real Estate Market Reports. Zillow is a real estate and rental marketplace company based in Seattle.
The Houston region saw a 10.6 percent annual increase in the number of homes on the market, moving in the opposite direction of the country.
Strong buyer demand, coupled with 11.4 percent fewer homes on the market than a year ago, pushed the U.S. median above the $200,000 mark for the first time. Nationally, home values increased 7.4 percent to $200,400.
Markets including San Jose, Calif., Columbus, Ohio, and San Diego saw drops in inventory of more than 30 percent.
U.S. median rents rose by 1.1 percent from a year ago to $1,422 a month in June, according to the The Zillow Rent Index.
Houston was among a dozen of the 35 largest U.S. metros with lower rents this June compared to last, with the median rent falling 3 percent to $1,538 per month. Rents fell most in Pittsburgh, down 4 percent, with Miami, San Jose and San Francisco also showing declines.
Houston rent growth peaked at 7.8 percent in July 2015, according to the index.
