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Home Values Plunge 53% Amidst High Borrowing Costs

11/23/2025

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Summary

Story summary

Zillow reports 53% of U.S. homes declined in value in October, the highest since the Great Recession.
Losses are most pronounced in the West and South, particularly Denver, Austin, and Sacramento.
Homeowners retain substantial equity, with a median 67% gain since the last sale.
The market has stagnated due to high borrowing costs and rising delistings.
The National Association of Realtors projects a 14% rise in existing-home sales in 2026.

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Story summary

Zillow reports 53% of U.S. homes declined in value in October, the highest since the Great Recession.
Losses are most pronounced in the West and South, particularly Denver, Austin, and Sacramento.
Homeowners retain substantial equity, with a median 67% gain since the last sale.
The market has stagnated due to high borrowing costs and rising delistings.
The National Association of Realtors projects a 14% rise in existing-home sales in 2026.