Where homes are losing value most

"State of play: Many homeowners bought before prices surged in the early 2020s. As of October, the median home value had jumped roughly 67% since the property was last sold. Just 4% lost value in that time, around 8.5 years for the typical homeowner. Losses between sales are up slightly from a year ago (2%) but lower than pre-pandemic levels (11%)."

"Nationwide, home sellers outnumber buyers by a record 37%, Redfin estimates. The West and South, where there are more available homes and greater climate risks, saw the most widespread losses over the past year. Most major metros in those regions saw at least half of homes lose value, led by Denver (91%), Austin, Texas (89%), Sacramento, California (88%), Phoenix (87%) and Dallas (87%), Zillow found."

"There's a difference between taking a loss and being "underwater," or owing more money to your lender than the house is worth. Far fewer homes are underwater today compared to 2019, Zillow chief economist Mischa Fisher says. The bottom line: "While fluctuations in home values can distress watchful owners, the vast majority are sitting on large equity gains that they can take advantage of when they sell," Fisher tells Axios."

Median U.S. home value rose roughly 67% since the property was last sold, with the typical homeowner holding their home about 8.5 years. Only 4% of homes lost value over that span; losses between sales rose slightly from 2% a year ago but remain below the 11% pre-pandemic rate. High mortgage rates and elevated prices have reduced buyer activity, creating a sellers-outnumber-buyers imbalance of about 37% nationwide. The West and South experienced the most widespread declines, with many major metros seeing at least half of homes lose value. Far fewer homes are underwater today than in 2019, and most homeowners hold substantial equity.

Read at Axios