The housing market, like any other business or social entity, is constantly evolving. Its changes reflect the needs and lifestyle preferences of consumers and their families.

Zillow recently undertook a study of current trends. They subsequently released a report on their findings:

"Urban home values are outpacing the value of homes in the suburbs in most top-tier metros, as city life gains popularity and high-end condos fill the sky in Boston, Washington, D.C., Seattle, and other cities with fast-changing downtowns.

"Homes in the suburbs — a longstanding symbol of the American Dream — have typically been worth more, on average, than homes in urban areas. That's still true in much of the country. Suburban homes in Nashville, Tenn., Cincinnati, Ohio, and Richmond, Virginia have a higher price tag than the average home in the city."

The report continues to pinpoint areas most affected by these evolving changes.

"In Boston, Washington, D.C., and San Francisco, the mean value of urban homes has recently surpassed the mean value of homes in suburban areas. And urban homes are gaining ground in Denver, Phoenix, and Chicago.

"The shift reflects demographic trends of millennials delaying family life and choosing condos, and shifting preferences, as people seek walkable neighborhoods with urban amenities.

"It has vast implications for low-income people who have traditionally lived in cities to be near services and employment. Zillow recently found that, in San Francisco and Seattle, high-income people are making shorter commutes to downtown, while low-income people are traveling much further to get to work in the urban core."

Q: Is owning a home still a good investment?

A: It's probably the best of all investments for the average family. RealtyTrac, a source for housing data, released its Year-End 2015 U.S. Home Sales Report, which shows that U.S. home sellers in 2015 realized an average price gain since purchase of 11 percent ($20,378), the biggest average price gain for U.S. home sellers since 2007 — an eight-year high.

"The 11 percent average price gain in 2015 marked the second consecutive year where U.S. home sellers realized an average price gain following six consecutive years where U.S. home sellers realized average price losses," it was reported.

"With some local market exceptions, the 2015 home sales data paints the picture of a properly functioning U.S. housing market where homeowners can once again count on real estate as an appreciating asset — a long-touted axiom soundly debunked as ironclad truth between 2008 and 2013," said Daren Blomquist, vice president at RealtyTrac.

"This return to consistent home price gains for sellers should reinforce confidence in real estate in 2016 and produce another year of solid sales volume as homeowners cash out their equity gains."

Q: Are mortgage rates finally going up?

A: At this writing, those rates are still dropping. Here's a recent report from Freddie Mac:

"Mortgage rates are moving lower for the fifth consecutive week amid ongoing market volatility. The average 30-year fixed is at its lowest point since the week of April 30, 2015 when it averaged 3.68 percent.

"The 30-year fixed-rate mortgage averaged 3.72 percent with an average 0.6 point for the week down from last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent."

Q: Is mortgage credit becoming more available?

A: No, at this point, it is declining. Mortgage credit availability decreased in January according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association. Here is a portion of a news release they posted:

"The MCAI decreased 0.4 percent to 123.8 in January. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. Of the four component indices, the Conforming MCAI saw the greatest tightening (down 1.5 percent) over the month followed by the Government MCAI (down 0.8 percent).

"The Conventional MCAI was unchanged, while the Jumbo MCAI increased 0.2 percent over the month."

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com. Jim Woodard's email: [email protected].

Photo credit: Tony Webster