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Home Values Decline: 53% Hit Lowest Since 2012

11/18/2025

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Summary

Story summary

Zillow's researcher Treh Manhertz says home values are declining, with 53% of homes losing value over the past year—the highest since 2012.
In the South and West, Denver, Austin, and Sacramento show over 88% of homes dropping from peak values.
1.1% of homes are valued below their last sale price, indicating homeowner equity.
Manhertz says the downturn is normalization, not a crash, due to mortgage rates and weak demand.

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Story summary

Zillow's researcher Treh Manhertz says home values are declining, with 53% of homes losing value over the past year—the highest since 2012.
In the South and West, Denver, Austin, and Sacramento show over 88% of homes dropping from peak values.
1.1% of homes are valued below their last sale price, indicating homeowner equity.
Manhertz says the downturn is normalization, not a crash, due to mortgage rates and weak demand.