Zillow thinks US home prices are set to surge more than 6% in the next year

• US home prices are set to surge as high mortgage rates keep inventory tight, Zillow says.
• The real estate listings site predicted a 6.5% increase in home prices by July 2024.
• Other firms are predicting a slight decline in home prices by the end of the year.

Home prices are set to surge over 6% in the next year, according to Zillow economists, attesting to the real estate listings site’s growing bullishness on the US housing market.

The firm’s economists predicted home prices would rise 5.8% by the end of 2023, and rise 6.5% by July 2024, according to its Home Value Index. That implies the median US home price will rise to $370,754 by July of next year, up from the current median price $348,125.