Houston homes are losing value
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A nationwide rise in the number of homes that lost value over the past year has reached Houston, according to a recent Zillow report.
Why it matters: It's a major reversal in a market that spent the pandemic shattering price records. Still, most homeowners "have plenty to feel good about," the real estate site reports.
State of play: 80% of Greater Houston homes lost value year-over-year in October — well above the U.S. average of 53%.
Zoom out: Since most U.S. homeowners bought before a surge in prices in the early 2020s, the median home value in October was 67% higher than when the property was last sold.
- Just 4% lost value in that time.
Reality check: There's a difference between taking a loss and being "underwater."
- Far fewer homes are underwater today compared to 2019, Zillow chief economist Mischa Fisher says.
The big picture: Losses over the past year were most widespread in the West and South, where there are more available homes and greater climate risks.
- The metros with the greatest decline were Denver (91%) and Austin (89%), Zillow found.