U.S. home values dropped for the second month in a row, according to the May Zillow Real Estate Market Report.
The typical U.S. home is worth $226,800, down one-tenth percent from a month earlier. Home values also fell in April, ending a streak of 85 consecutive months of gains to the value to the median home.
While home value growth has slowed, rent prices are accelerating. The median monthly rent in the U.S. grew for the seventh month in a row, to approximately $1,500.
Rents are growing faster now than a year ago in most of the top 35 markets, led by Las Vegas.