After the National Association of Realtors said pending home sales dropped 1.1% in June following three straight months of solid growth, Zillow chief executive officer Spencer Rascoff weighs in on the choppy picture of the housing market right now. Rascoff says there is no national real estate picture. In fact, he says the housing market is hyper-local, with New York City and the San Francisco Bay area being the strongest regions. Looking forward to the rest of the year, Rascoff offers the prediction of 3% to 4% nationwide appreciation, which he says is slightly better than historical averages.
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