Summary
A report from Zillow shows that more than half of homes in the United States are losing value. As of this year, over 53% of U.S. homes have decreased in value compared to the previous year, with Austin, Texas experiencing the largest drop.
Key Facts
- Zillow reports that 53% of U.S. homes have decreased in value compared to last year.
- The average home value decline nationwide is 9.7% from their peak prices.
- Austin, Texas has the highest decline at 20.5%, followed by New Orleans (15.9%), San Francisco (14.8%), and Pittsburgh (13.2%).
- Many areas that saw a price drop had strong demand during the pandemic, like Denver and Sacramento.
- Despite value declines, home values are up 67% on average since their last sale.
- In October, only 4.1% of homes were valued lower than their last sale price.
- Experts note that there is still significant home equity for most homeowners.
- Easing mortgage rates may help stabilize the housing market.
