Home values in the West are cratering — but not in Salt Lake
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Nearly half of Salt Lake homes lost value in the past year, according to Zillow.
Why it matters: The figure — 46.5% — may startle prospective home buyers who are shopping in a persistently pricey market.
Catch up quick: That's slightly lower than in 2023, but a big jump from 2024, when just 20.8% of homes in the Salt Lake metro lost value.
- Losses were slightly more widespread in Provo (47.9%), Logan (49.4%), and Ogden (51.1%), and highest in St. George (84.6%).
State of play: Nationwide, 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%).
Zoom out: Fewer SLC homeowners took hits than elsewhere; 53% of homes lost value nationwide in the 12 months ending in October.
The intrigue: Throughout the rest of the West, losses are more widespread.
- In Denver, for example, 91% of homes lost value, with 87% in Phoenix, 81% in Portland and Las Vegas, 78% in Seattle, 62% in Boise and 61% in Albuquerque, Zillow found.
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.
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.