Map Shows Markets With Fastest Falling Home Values as Denver Takes Top Spot
Summary
Denver has the fastest falling home values among major U.S. cities, with prices dropping 2.2% in February compared to a year ago. Many other cities, especially in the Sun Belt and West, are also seeing home prices decline due to more homes for sale and less demand, while some areas in the Northeast and Midwest still see rising prices.Key Facts
- Denver's home values fell 2.2% year over year in February, the largest drop in the country.
- Tampa had the second biggest decline, down 2.1%.
- Over half of major U.S. metro areas showed lower home prices in February.
- Cities with notable declines include Seattle (-2%), Phoenix (-1.8%), Dallas (-1.7%), Las Vegas (-1.1%), and Portland (-0.9%).
- The housing market is split: supply-rich areas like the Sun Belt and West face price drops, while supply-limited Northeast and Midwest regions often see prices rise.
- Falling demand and increased new home construction contribute to more homes for sale and lower prices in some areas.
- Factors affecting Denver include reduced migration to the state, higher building and insurance costs, and changes in mortgage rates reducing affordability.
- Experts say these changes show market fragmentation, not a full national housing market decline.
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