Most Miami metro homes lost value in the past year
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Over half of U.S. homes — and about 76% of homes in the Miami metro area — lost value in the past year, according to Zillow.
Why it matters: The national figure, 53%, is the highest since 2012, but the vast majority of homeowners still "have plenty to feel good about," the real estate site reports.
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%).
The big picture: It's a homebuyer's market right now, if you can afford it. Persistently high mortgage rates and prices have sidelined many.
- 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 metros in Florida saw three-quarters of homes or more decline in value, including Tampa Bay (85%), Orlando (85%) and Jacksonville (83%).
- In Punta Gorda, 96% of homes have dipped in value.
Reality check: 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.