"National home prices have risen by 1.2% year-over-year, but 60 out of the 300 largest metro areas are experiencing home price declines."
"The markets experiencing the most softness are primarily located in Sun Belt regions, which witnessed significant price surges during the pandemic."
The Zillow Home Value Index shows a modest national home price increase of 1.2% year-over-year, significantly down from previous rates. Notably, 60 of the largest 300 U.S. housing markets are witnessing declining home prices as inventory surges, especially in states like Arizona and Florida. The Sun Belt markets, where prices increased during the pandemic, are experiencing declines as migration slows and mortgage rates rise, affecting affordability. Builders are lowering prices to maintain sales, further cooling the resale market.
Read at Fast Company
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